INSURING PERSONAL RESIDENTIAL PROPERTY
QUESTIONS AND VERIFIED ANSWERS, 100% GUARANTEE
Actual Cash Value (ACV) - Property's replacement cost value, less depreciation according
to the age of the property or results in a reduction in value for normal wear and tear of the
property just prior to the loss.
Beneficiary - A party that receives a trust's assets when a trustor dies.
Boarders/Roomers - Individuals who rent rooms in a dwelling occupied by other boarders
and/or the dwelling's owner; inhabitants share common spaces and kitchen facilities
Conditional Contract - The insured must abide by the terms of the policy for the policy
contract to be enforceable.
Conditions - Obligations required of an insured and insurance company to carry out other
policy provisions
Co-ownership - Dwellings owned by two individuals
Declarations Page - The part of a policy that identifies the named insured, and includes an
address, the policy period, the insured location, policy limits, and any other key information
peculiar to the insured; also called the Information Page
Dwelling - A house's structure and things such as garages, decks, or porches attached to
that structure
Dwellings Under Construction - Dwellings in the course of construction
QUESTIONS AND VERIFIED ANSWERS, 100% GUARANTEE
Actual Cash Value (ACV) - Property's replacement cost value, less depreciation according
to the age of the property or results in a reduction in value for normal wear and tear of the
property just prior to the loss.
Beneficiary - A party that receives a trust's assets when a trustor dies.
Boarders/Roomers - Individuals who rent rooms in a dwelling occupied by other boarders
and/or the dwelling's owner; inhabitants share common spaces and kitchen facilities
Conditional Contract - The insured must abide by the terms of the policy for the policy
contract to be enforceable.
Conditions - Obligations required of an insured and insurance company to carry out other
policy provisions
Co-ownership - Dwellings owned by two individuals
Declarations Page - The part of a policy that identifies the named insured, and includes an
address, the policy period, the insured location, policy limits, and any other key information
peculiar to the insured; also called the Information Page
Dwelling - A house's structure and things such as garages, decks, or porches attached to
that structure
Dwellings Under Construction - Dwellings in the course of construction
