Insuring Personal Residential Property QUESTIONS WITH
ANSWERS RATED A+
Long-term purchase/contract of sale - Ownership arrangement where title doesn't pass until all
terms are satisfied
N = Named perils - Coverage only for perils listed in a policy
O = Open perils - Coverage for any reason not specifically excluded from a policy
Peril - Event causing or having potential to cause damage or loss
P.I.N.E.S. - Acronym for Key Condition of Duties After Loss: Protect, Inventory, Notify,
Exhibit, Submit
Replacement cost (RC) - Cost to replace damaged property with like kind and quality at today's
value
Seasonal dwellings - Dwellings with continuous unoccupancy of three or more consecutive
months
Settlor - Individual who establishes a trust
Tangible - Real, physical property that can be touched or is made of physical materials
Trust - Relationship where one party holds property for the benefit of another party
Trustee - Individual managing a trust, often an attorney or accountant
Trustor - Individual who establishes a trust
You and Your are - provided coverage by the we, us, and our
You and Your - Named Insured
We, Us, and Our - Is the insurance company providing the coverage and the contract
Bodily Injury - bodily harm, sickness, or disease, including required care, loss of services, and
death that results (does not include personal injury)
Business - A trade, profession or occupation engaged in on a full-time, part-time or occasional
basis; the leasing of the mineral rights of an "insured location"; "Home-sharing host activities"
ANSWERS RATED A+
Long-term purchase/contract of sale - Ownership arrangement where title doesn't pass until all
terms are satisfied
N = Named perils - Coverage only for perils listed in a policy
O = Open perils - Coverage for any reason not specifically excluded from a policy
Peril - Event causing or having potential to cause damage or loss
P.I.N.E.S. - Acronym for Key Condition of Duties After Loss: Protect, Inventory, Notify,
Exhibit, Submit
Replacement cost (RC) - Cost to replace damaged property with like kind and quality at today's
value
Seasonal dwellings - Dwellings with continuous unoccupancy of three or more consecutive
months
Settlor - Individual who establishes a trust
Tangible - Real, physical property that can be touched or is made of physical materials
Trust - Relationship where one party holds property for the benefit of another party
Trustee - Individual managing a trust, often an attorney or accountant
Trustor - Individual who establishes a trust
You and Your are - provided coverage by the we, us, and our
You and Your - Named Insured
We, Us, and Our - Is the insurance company providing the coverage and the contract
Bodily Injury - bodily harm, sickness, or disease, including required care, loss of services, and
death that results (does not include personal injury)
Business - A trade, profession or occupation engaged in on a full-time, part-time or occasional
basis; the leasing of the mineral rights of an "insured location"; "Home-sharing host activities"
