Introduction to Insurance — Questions & Answers Study Guide

Introduction to Insurance Q&A Introduction to Insurance Q&A 2/18/2026




The chance of experiencing a loss without the possibility of a gain; essence of insurance
-ex: car accident, house fire, stolen camera



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Property Insurance



Risk Reduction



Pure Risk



Insurer

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Terms (31)

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, Introduction to Insurance Q&A Introduction to Insurance Q&A 2/18/2026


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Property Insurance


A type of insurance that covers damage to property, such as a home; originally intended for only fire damage but
other risks added as well like wind and hail


Types of Property Insurance


1. Dwelling policies
2. Homeowner's with Personal Liability Coverage
3. Flood
4. Earthquake
5. Inland Marine
6. Business Owner Policy (BOP)
7. Commercial Package Policy (CPP)
8. Equipment Breakdown (Boiler & Machinery)
9. Commercial and Personal Inland Marine
10. Commercial Property Policies: Building and Personal Property Coverage form (BPP) AND Business Interruption
Policies




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