Insurance Knowledge Flashcard

Front

Why might Mason decide to purchase watercraft insurance even though it's not required by law?

Back

To obtain a boat loan

Front

What is NOT typically covered by farm insurance? Options: Farm equipment, Livestock, Crops, Personal vehicles

Back

Personal vehicles

Front

Key difference between farm insurance and homeowners insurance regarding property value.

Back

Farm insurance covers higher-value equipment.

Front

Why might the marina require Jackson to have watercraft insurance?

Back

As a condition within rental agreements

Front

What type of risks does farm insurance address that homeowners insurance does not?

Back

Crop failure and livestock disease

Front

Why might Grace purchase windstorm insurance?

Back

To cover damage from hurricanes

Front

What is typically NOT covered by windstorm insurance? Options: Flood damage from storm surges, Damage to detached structures, Damage to personal belongings, Roof damage from a hurricane.

Back

Flood damage from storm surges

Front

What is a common requirement for residents living in high-risk windstorm areas?

Back

Purchase of windstorm insurance

Front

What is a key feature of windstorm insurance?

Back

It is often a rider on a homeowners policy

Front

Why are farm insurance policies subject to different regulatory requirements compared to standard home insurance?

Back

To address unique agricultural needs