The ________ Policy Protects Real and Personal Property Against Loss

question 66

Multiple Choice

The ________ policy protects real and personal property against loss resulting from lightning,smoke,water damage,and related perils.

• A) health insurance
• B) standard fire insurance
• C) disability insurance
• D) life insurance

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Definitions:

Financing Statement

A financing statement is a document filed by a secured party to give public notice of their interest in the personal property of a debtor, used to perfect a security interest under the Uniform Commercial Code.

Repossession

The act of a creditor or lessor taking back goods or property from the debtor or lessee, usually due to failure to meet the terms of an agreement.

Default

Failure to fulfill a legal obligation, especially the failure to pay back a loan on time or to meet the terms of a contract.

Collateral

Property or assets pledged as security for a loan, which can be seized by the lender if the loan is not repaid.