It should be noted that additional named insureds do not necessarily have all of the privileges and. obligations of the first named insured such as the obligation to pay premiums and the right to. cancel coverage and receive notice of cancellation.
Generally, physical damage to your building or personal property âdirectlyâ caused by a flood is covered by your. flood insurance policy. For example, damages caused by a sewer backup are covered if the backup is a direct result. of flooding.
Credit Insurance. DEFINITION of 'Credit Insurance'. Credit insurance is a type of life insurance policy purchased by a borrower that pays off one or more existing debts in the event of a death, disability, or in rare cases, unemployment.