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Personal Finance: Property and Liability Insurance
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Property insurance protects the structure of your home (dwelling coverage) and your belongings (personal property coverage). 
Personal liability coverage protects you if you're legally responsible for damage to someone's property, or if you accidentally injure someone whether you're at home or away from it.

Personal Finance: Property and Liability Insurance
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25 Questions

1. You have recently inherited a sum of money- You are purchasing an old Victorian home which was built in 1856- The type of insurance needed on the house would be
2. Wilber Robinson found out that his homeowner's coverage comes in handy when a neighbor steps on a garden rake and it flips up and causes a concussion- Josh did just that and spent two weeks in the hospital running up a $23,000 bill- Josh was covered under
3. Flood protection insurance is generally administered and subsidized by the federal government through the Department of Housing and Urban Development.
4. Under standard PAP coverage, you're not covered when you are using a vehicle without the permission of its owner.
5. If you wanted to obtain an endorsement that automatically updates the level of property coverage based on an index of replacement costs that continually updates the cost of building a home, you would ask for a(n)
6. One way to lower the premiums you pay on your insurance is to have a higher deductible.
7. The coinsurance provision requires that the insurance company will pay a portion of your financial losses in the event of a catastrophe.
8. Generally, a personal umbrella policy is an expensive policy that provides excess liability insurance over basic underlying contracts.
9. Amy Lambert's home is insured for $85,000 and her detached garage is destroyed by a windstorm- She hopes to collect $11,850 under her homeowner's policy- What will happen?
10. A(n) ________ is an insurance company that distributes its products to customers without the use of agents.
11. Which of the following will most likely pay the least for automobile insurance, assuming they all drive identical cars?
12. Since there were no witnesses to the robbery at your apartment, there is no reason to contact the police.
13. Rosemary was hit by another vehicle on the way home from work- She believes the other driver was under the influence of alcohol- Rosemary is not within her rights to demand that the other driver take an alcohol test.
14. In 2014, at least 26 percent of all auto collisions involved cell phones.
15. In you are involved in an automobile accident and suspect the other driver may have been driving under the influence, you should request that the police perform sobriety tests on both of you.
16. Brandi thought it quite funny to have a decorative outhouse put on her property as a conversation piece- This structure is covered under Coverage A: Dwelling on her home owners policy.
17. You have liability only coverage on your car- It was damaged in the parking lot by a hit-and-run driver- What coverage do you have for your damages?
18. Angela's home became overrun with termites- She had to stay in an apartment temporarily while her home was being fixed- The provision on her home owners policy that covers her expenses while she is not able to live in her home is known as: Coverage D: Loss of Use.
19. Eric and Lisa Lambert are purchasing a home for the first time- Their insurance company wants them to insure at least ________ of the home's full replacement cost.
20. An HO-4 policy is a renter's insurance policy that protects the renter's personal property.
21. On your automobile insurance policy, medical expense coverage doesn't have per person limits.
22. An attached garage is covered under Coverage B: Other structures.
23. Antoine LaDuke suffered a major loss on his older home due to mud from a flood- Although he had homeowner's insurance, what was the probable reason he was not covered?
24. Heather was advised to take a defensive driving course as a means to reduce her annual auto insurance premium- Is this a true or a false suggestion?
25. The replacement value of the house less accumulated depreciation (which is the decline in value over time due to wear and tear) is known as

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