Personal Liability Umbrella Policies Often Include Limits of $1 Million

question 137

True/False

Personal liability umbrella policies often include limits of $1 million or more.

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Definitions:

Estate In Fee Simple

The greatest form of property ownership, where the owner has unrestricted rights to the property and can dispose of it as they wish.

Life Estate

An estate in land in which the right to possession is based upon a person’s lifetime.

Life Estate

A legal right to use and derive benefit from property for the duration of one's life, after which control reverts to another party.

Fee Simple

A type of freehold ownership where the owner has the greatest possible rights over the land forever.