Coinsurance is a provision in an insurance policy that requires the policyholder to bear a portion of the risk. For property insurance, it is typically expressed as a percentage that the insured must maintain relative to the property's value in order to collect the full amount of compensation for any loss.
An exception in real estate refers to specific conditions or items that are not covered by an insurance policy. Understanding exceptions is crucial for property buyers and owners as it affects the extent of protection provided by their insurance policies.
A type of insurance purchased by an employer to protect against financial loss due to dishonest acts committed by employees who handle valuable property or funds.
Mortgage life insurance is a type of financial product that ensures mortgage repayment in the event of the borrower's death or disability, safeguarding the homeowner's family and the lender.
The National Flood Insurance Program (NFIP) is a program created by the U.S. Congress in 1968 through the National Flood Insurance Act of 1968. The NFIP's aims are to reduce the impact of flooding on private and public structures by providing affordable insurance to property owners and by encouraging communities to adopt and enforce floodplain management regulations.
Premium has multiple meanings in real estate: it refers to the cost of an insurance policy, the value of a mortgage or bond in excess of its face amount, and the amount over market value paid for some exceptional quality or feature.
