Definition: The word "701 insurance" refers to a specific type of financial product or service that provides coverage for losses incurred through physical damage, liability, accident, or other events. A 701 insurance policy typically covers a range of covered risks, including natural disasters such as earthquakes and hurricanes; accidents resulting from drivers' negligence; theft or vandalism; property damage caused by lightning strikes; and personal injury claims. It can also provide coverage for medical expenses incurred due to the loss or damage to your vehicle. Some common types of 701 insurance policies include comprehensive, collision, and general liability insurance. Comprehensive insurance typically covers a range of risks, including bodily injury, property damage, and theft or vandalism. Collision insurance provides protection against accidents caused by collisions with other vehicles or pedestrians. General liability insurance protects you from claims brought by third parties due to your own negligence. To understand the definition of 701 insurance, it's important to consider that this type of insurance is often structured differently than traditional home and auto policies. For example, in a comprehensive policy, you typically have multiple types of coverage, while in a collision or general liability policy, you may not have any limits on specific risks. Understanding the details of 701 insurance can help you better understand the types of coverage it covers and how to protect yourself financially against potential losses.
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