INSURING PERSONAL RESIDENTIAL PROPERTY
CORE PROPERTY INSURANCE PRINCIPLES AND
COVERAGE REVIEW 2026
◉ Long-Term Purchase/Contract of Sale.
Answer: ownership arrangement when the title of the property does
not pass from the seller until all the terms of the installment
contract have been satisfied; a "lease-to-own" type agreement
◉ Named Perils.
Answer: coverage only for perils listed in a policy
◉ Open Perils.
Answer: coverage for any reason not specifically excluded from a
policy
◉ Peril.
Answer: an event that causes or has the potential to cause damage
or loss, such as a fire or falling object
◉ P.I.N.E.S.
,Answer: acronym used to describe the key conditions of duties after
loss: Protect, Inventory, Notify, Exhibit, Submit
◉ Replacement Cost.
Answer: cost to replace damaged property with like kind and quality
at today's value
◉ Seasonal Dwelling.
Answer: dwelling with continuous unoccupancy of three or more
consecutive months during any one-year period
◉ Settlor.
Answer: an individual who establishes a trust
◉ Tangible.
Answer: real, physical property that you can touch, or property is
physically present and is made of physical materials
◉ Trust.
Answer: a relationship in which one party holds property for the
benefit of another party
◉ Trustee.
, Answer: an individual who manages a trust; often an attorney or
accountant
◉ Trustor.
Answer: an individual who establishes a trust; trustor, settlor,
creator, or grantor
◉ Liberalization Clause.
Answer: If the carrier makes a change, during the policy period or
within 60 days prior to the policy, which broadens coverage, and
does not charge premium, the change will be applied on the damage
it is implemented in the policy's state
◉ Waiver or Change of Policy Provisions.
Answer: The insurance carrier must receive a request for waiver or
change of a provision of the policy in writing. The company will not
waive any of its rights by requesting an appraisal or examination
◉ Cancellation.
Answer: The insured may cancel the policy at any time with written
notice to the carrier. The policy may be canceled by the carrier with
written notice to the insured and within a certain time period
depending on the reason for cancellation
CORE PROPERTY INSURANCE PRINCIPLES AND
COVERAGE REVIEW 2026
◉ Long-Term Purchase/Contract of Sale.
Answer: ownership arrangement when the title of the property does
not pass from the seller until all the terms of the installment
contract have been satisfied; a "lease-to-own" type agreement
◉ Named Perils.
Answer: coverage only for perils listed in a policy
◉ Open Perils.
Answer: coverage for any reason not specifically excluded from a
policy
◉ Peril.
Answer: an event that causes or has the potential to cause damage
or loss, such as a fire or falling object
◉ P.I.N.E.S.
,Answer: acronym used to describe the key conditions of duties after
loss: Protect, Inventory, Notify, Exhibit, Submit
◉ Replacement Cost.
Answer: cost to replace damaged property with like kind and quality
at today's value
◉ Seasonal Dwelling.
Answer: dwelling with continuous unoccupancy of three or more
consecutive months during any one-year period
◉ Settlor.
Answer: an individual who establishes a trust
◉ Tangible.
Answer: real, physical property that you can touch, or property is
physically present and is made of physical materials
◉ Trust.
Answer: a relationship in which one party holds property for the
benefit of another party
◉ Trustee.
, Answer: an individual who manages a trust; often an attorney or
accountant
◉ Trustor.
Answer: an individual who establishes a trust; trustor, settlor,
creator, or grantor
◉ Liberalization Clause.
Answer: If the carrier makes a change, during the policy period or
within 60 days prior to the policy, which broadens coverage, and
does not charge premium, the change will be applied on the damage
it is implemented in the policy's state
◉ Waiver or Change of Policy Provisions.
Answer: The insurance carrier must receive a request for waiver or
change of a provision of the policy in writing. The company will not
waive any of its rights by requesting an appraisal or examination
◉ Cancellation.
Answer: The insured may cancel the policy at any time with written
notice to the carrier. The policy may be canceled by the carrier with
written notice to the insured and within a certain time period
depending on the reason for cancellation
