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Home Owners can take tax deductions from gross income from....
- Mortgage interest payments on 1st and 2nd homes (for balances below 1 mill for couples and 500 thous for singles)
- Real estate taxes
- Loan discount points
- Loan prepayment penalties
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This requires homeowners to provide insurance equal to at least 80% of replacement cost of the dwelling (not including the cost of the land).
Co-insurance clause
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If a home owner holds insurance less than 80% of replacement cost, either the loss will be setttled for ________ __________ ________ (cost less depreciation) or it will be __________ ____ _________ the percentage of replacement cost actually covered by the policy by the minimum coverage requirement.
- actual cash value
- prorated by dividing
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What is CLUE?
Comprehensive Loss Underwriting Exchange
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What does CLUE do?
keeps a record of insurance claims for 5 years (personal property claim history)
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What is the NFIP?
National Flood Insurance Program
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The National Flood Insurance Act of 1963 was enacted by Congress to help homeowners in flood prone areas by....
subsidizing flood insurnace for people in flood prone areas
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What organization administers the National Flood Insurance Act of 1963?
FEMA
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Personal belonging coverage includes off ________ coverage (covered anywhere in the world).
premises
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What organization prepare maps to identify flood prone areas?
Army Corps of Engineers
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Basic insurance policies cover:
fire, lightning, windstorm, hail, glass breakage, damage by aircrafts and civil commotion, vandalism, theft, malicious mischief
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This is a guage of sale prices in the country's major markets
S&P/Case Shiller Home Price Index
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Broad form insurance policies include:
- falling objects, and damage due to weight of ice, snow, or sleet
- Collapse of all or part of building
- Water damage from pipes or appliances by steam or accidental discharge, or freezing
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Many appraisers use this service to determine approximate building costs.
Marshall and Swift
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Damage by most disasters are covered in most basic insurance policies with the exception of....
earthquake, floods, and poor maintenance
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Most standard insurance polices covered detatched buildings on your property at __________ of the amount of insurance you have.
10%
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Most companies provide coverage for personal belongings destroyed by fire, hurricane, etc, up to ________________ of the coverage you have in your home.
50-70%
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Most insurance policies cover damage to fructus naturales at _____ or __________ per item - wind or disease are not covered.
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Liability limits usuall start at _____________. but many experts recommend ________________.
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The total debt including car pmts, student loans, credit card minimum payments is called.....
back end ratio
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