A Personal Liability Umbrella Policy Is Designed to __________

question 36

Multiple Choice

A personal liability umbrella policy is designed to __________. ​

• A)supplement homeowner's insurance coverage
• B)establish a subsidized flood insurance program
• C)replace homeowner's insurance coverage
• D)subsidize the health insurance coverage

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Definitions:

Transferee

is an individual or entity that receives the transfer of property, rights, or interest from another.

Secondarily Liable

Liable for paying the amount designated on an instrument should the primarily liable party default.

Primarily Liable

The state of being the first or main party responsible for fulfilling a liability or obligation.

Dishonor

In financial contexts, it refers to the refusal or inability to pay a bill of exchange, promissory note, or other negotiable instrument when due.