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To review Chapter 18, “Home Ownership and Construction,” match each of the following terms to one of the descriptions below.
- Basic form
- Comprehensive form
- Flood insurance
- Replacement cost
This type of insurance, also called an HO-1 policy, covers the fewest perils.
Also known as an all-risk policy, this type of policy offers the most complete coverage for a homeowner.
The federal government passed an act in 1968 to help at-risk homeowners obtain this type of insurance.
In most cases, the policy will pay the insured this (the cost of a new structure to take the place of the damaged structure).