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Fundamentals of Risk and Insurance, 11th Edition by Therese M. Vaughan, Emmett J. Vaughan

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CHAPTER OBJECTIVES

When you have finished this chapter, you should be able to

  • Explain the general nature of the homeowners program
  • Identify and distinguish among the homeowners forms and describe the individual for whom each form is designed
  • Explain the difference between named-peril and open-peril coverage
  • Identify the coverage parts of the homeowners policy
  • Identify coverage features of each Section I coverage part

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THE HOMEOWNERS POLICY PROGRAM

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The home is one of the most important, and probably the most expensive, investments that the average consumer will ever make. Understandably, protection against damage to the dwelling is a central part of every family's insurance program. Insurance protection on the individual's personal property is an important aspect of a personal insurance program. Finally, and equally important, is the liability coverage needed to protect against the financial consequences of legal liability. In this chapter, we will study the homeowners policy, which is a package policy approach to insuring these exposures.

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Historical Development

The homeowners policy ...

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