Key Takeaways
- Coverage gaps, underinsurance, and inadequate liability limits are the three most costly insurance pitfalls.
- Systematic controls (monthly audits, claims matrices, documentation protocols) prevent most insurance-related losses.
- Regulatory compliance requires understanding state-specific requirements for coverages, disclosures, and claims handling.
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Test Your Knowledge
1.What happens when a property is insured for 60% of replacement cost under a policy with an 80% coinsurance clause?
2.What is the maximum seller-financed property annual limit before triggering full lending regulatory requirements?
3.What is the recommended first action when discovering property damage that may be covered by insurance?