The first step when buying property and liability insurance is to develop a(n):
A) list of insurance agents offering insurance.
B) inventory of exposures to loss.
C) statement of premiums of five different insurance companies.
D) list of floater policies.
E) replacement cost for your property.

Question

Quizplus · Accepted Answer

Before purchasing property and liability insurance, it is important to create an inventory of all potential exposures to loss. This will help determine the appropriate coverage and amount of insurance needed. A list of insurance agents and premiums can come later in the process, but the inventory should always be the first step. A list of floater policies and replacement cost for your property are also important considerations, but not the first step in the process.

The First Step When Buying Property and Liability Insurance Is