What is the purpose of an umbrella or excess liability policy?

To provide additional liability coverage above the limits of your existing auto or home insurance policies.

Give an example of a property risk and a casualty risk that a business might face.

Property risk: damage to a company's stock. Casualty risk: liability for a product causing harm.

11th Grade•70 minutes

I can describe different types of insurance and their benefits.

An insurance policy is a contract that defines included and excluded risks and the amounts paid if a risk event occurs.

The three main categories of insurance are Property and Casualty, Life, and Health.

Casualty insurance, also known as liability, covers responsibilities to others, while property insurance covers things you own.

This lesson includes 12 practice questions to reinforce learning.

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1. What are the three main categories into which the insurance industry groups risks?

2. Explain the difference between property and casualty insurance using the example of a car accident.

3. Why do insurers typically set limits on casualty insurance policies?

...and 9 more questions

Insurance Industry Overview - Insurance Products

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