20-44 Personal Lines 2025/2026 QUESTIONS AND ANSWERS
GUARANTEE A+
Exclusions - Sectipn of the policy listing property, perils, losses, persons or situations not
covered.
Endorsement - Written form attached to an insurance policy that alters the policy's coverage,
terms, or conditions.
Binders - Temporary insurance no longer than 60 days, either oral, or written to included all
terms of the policy
Certificate of Insurance - Document providing evidence of certain types of insurance overages
and limits purchased by insured.
Contract of Adhesion - contract created by the insurance company to not negotiate terms. (Take it
or leave it)
Unilateral(One) Contract - only one party makes enforceable promise
Personal contract - covers financial loss by a person
Definition of Insured - person named/unnamed as an insured(s) in an insurance policy
Insurable Interest - Economic interest & must exist at time of loss
Limits of Liability - max amount of insurance the company will pay for loss
Casualty Insurance - insurance other than Health and Life.
GUARANTEE A+
Exclusions - Sectipn of the policy listing property, perils, losses, persons or situations not
covered.
Endorsement - Written form attached to an insurance policy that alters the policy's coverage,
terms, or conditions.
Binders - Temporary insurance no longer than 60 days, either oral, or written to included all
terms of the policy
Certificate of Insurance - Document providing evidence of certain types of insurance overages
and limits purchased by insured.
Contract of Adhesion - contract created by the insurance company to not negotiate terms. (Take it
or leave it)
Unilateral(One) Contract - only one party makes enforceable promise
Personal contract - covers financial loss by a person
Definition of Insured - person named/unnamed as an insured(s) in an insurance policy
Insurable Interest - Economic interest & must exist at time of loss
Limits of Liability - max amount of insurance the company will pay for loss
Casualty Insurance - insurance other than Health and Life.
