The Purpose of a Personal Umbrella Policy,as an Addition to Your

question 68

Multiple Choice

The purpose of a personal umbrella policy,as an addition to your homeowner's policy,is primarily to protect you from

• A)acts of God,such as falling objects,hail,etc.
• B)flood damage.
• C)lawsuits and judgments.
• D)faulty construction of your home.
• E)contested title to your property.

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Definitions:

IFRS

International Financial Reporting Standards are a set of accounting standards developed by the International Accounting Standards Board (IASB) that outline how financial statements should be prepared and disclosed globally.

Net Interest

The difference between the revenue from interests received on various investments and the expenses from paying interest on borrowings.

Defined Benefit Liability

The present value of the future retirement benefits that an employer has committed to pay to employees, as defined by their pension plan terms.

Projected Benefit Obligation

An estimate of the total amount of benefits, both vested and non-vested, that a company expects to provide to employees in pension plans.