knowledge topics
Home Insurance / Condominium Insurance
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Identify types of coverage that a home insurance1 policy may provide, such as:
- Building coverage
- Contents coverage
- Additional living expenses
- Personal liability
- Medical expenses
- Personal injury protection
- Explain the purpose of each type of home insurance coverage.
- Identify uses of residential property that may impact the insurance policy coverage required, such as:
- Owner-occupied
- Non-owner occupied (e.g. rental property)
- Dwelling under construction
- Business uses
- Identify that changes in the use of a property may require changes to insurance coverage, potentially resulting in a change in premium.
- Identify factors that may impact the premium of a home insurance policy, such as:
- Structure of property
- Age of property
- Geographic location of property
- Security systems
- Proximity to fire hydrant/fire station
- Heating source
- Value of coverage (e.g. liability protection, deductibles)
- Identify features that may be added to a home insurance policy, such as:
- Specific product coverage, such as for jewellery, art, collectibles or securities
- Sewer backup coverage
- Flood coverage
- High wind coverage
- Earthquake coverage
- Identify additional types of coverage that a condominium insurance policy may provide, such as:
- Improvements and betterments
- Supplemental coverage for condominium unit and/or common/shared space
- Explain the purpose of each type of condominium insurance coverage.
- Identify that as a condition of credit approval, a lender may implement a requirement for an individual to maintain home/condominium insurance on their property.
Glossary of Verbs (mouse over to see definition)
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
Read more about the Taxonomy used in the FP-BoK
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