the scheduled personal property endorsement quizlet

HO-3 Home Insurance Policy Breakdown | Homeowners Insurance Cover Your company has 120,000120,000120,000 shares of cumulative preferred stock that pays dividends at $30.25\$ 30.25$30.25 per share and 200,000200,000200,000 shares of common stock. Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape However, he worries that loss to his personal property will be adjusted on an actual cash value basis. Retrieve copies of either the receipts or appraisals of each item. C. fine art D. Contractor's Equipment Floater, Inland Marine will NOT cover: 45 What definition in his homeowners policy describes his home? intended use B. A windstorm damages Tyrone and Belinda's garage and screened-in porch. D. jewelry, Inland Marine covers: Under the HO-8 policy, the dwelling is valued on which basis? Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. If her ring is stolen, the insurer will pay (given a $250 deductible)? Mac bought a new gas grill from a local department store. B. bridges owned by municipalities D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? Your insurance companys underwriting team will review and get back to you with the status of your request. Damage caused intentionally by the insured's 10-year-old son replacement cost coverage is available by endorsement, for an additional premium. A neighbor is injured while helping the insured install a carpet --- First Aid Expenses Coverage applies to first aid to others caused by Bodily Injury covered under the policy, but does not pay for first aid to an insured. sailboats B. Because the medical payments limit applies per person, the insurer will pay actual expenses up to $5,000 per person: $5,000 + $4,000 + $3,000 + $2,000 + $1,000 = $15,000. Customer Bailee Floater no, because there are more than 4 units in the dwelling. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? How was this claim paid? - does not cover a detached garage used for business, Under the special limits of liability section, the policy limits loss of theft of jewelry, watches, furs, and precious and semiprecious stones is $_____, The loss settlement provision of homeowners policies require that the insured carry a limit of insurance at least equal to, 80% of the full replacement cost of the dwelling. Commercial floaters cover: Is personal property that is usually located in a secondary residence covered under Coverage C? Which of the following homeowners policies covers tenants or renters? D. Lumber in the insured's yard to be used to build a deck off the kitchen. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: Homeowners insurance Quiz Flashcards | Quizlet A. Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. Kevin came home from work to find that his house had been vandalized. The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. Bodily injury sustained by an employee in the course of employment, damage arising out of boats rented to others, and damage arising out of watercraft being operated in a race are not covered. Which of the following is true regarding the HO-3 (Special Form)? How Much Homeowners Insurance Coverage Do I Need? Theft of silverware is covered up to $2,500 C. Money is covered up to $500 per occurrence D. The Scheduled Personal Property Endorsement provides open perils coverage Scheduled Personal Articles Insurance Coverage, Other structures that are not attached to your house, including fences and storage sheds, Additional living expenses if you move out of your house (loss of use coverage), Medical bills for someone injured on your property. Special coverage for jewelry and other valuables - III Liability Coverages are set forth in Section II of the Policy. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. Insurer investigation expenses are in addition to the limits stated in Coverage E The insured is less likely to have gaps in coverage by having property and liability insurance in one policy, When an insured adds a scheduled personal property endorsement to a homeowners policy, Coverage is provided on an open peril basis. This provides coverage for specific items of property that exceeds the internal limit on the policy, Loss settlement is based on the ____ ____ ____ up to the amount listed on the endorsement. They believed that they did not get enough for this property because the settlement was based on actual cash value. A. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. 4.3.3 Workers Compensation Premium Computation, PI: 3.5.1 & 3.5.2 Farm Insurance Coverage / L, PI: 3.6.1 National Flood Insurance Program (N, PI: 3.7.1 Regulation of Property Insurance, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. What homeowners form would be most appropriate for their insurance needs? The pair of earrings cost $15,000 and was recently valued at $20,000. The coverage for Damage to Property of Others excludes property that is covered in Section I What does the representative tell them? What is the average rate at which the clerk sorts mail during the first 3 months on the job? covers damages that the insured becomes legally obligated to pay because of bodily injury or property damage caused by an occurrence to which coverage applies. After a fire damages a home, how much is the insured entitled to recover for buying materials to board up the windows under the homeowners policy? With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Personal Property Replacement Cost - Dick Law Firm The assigning of the value of the insuredproperty will vary by the insurance provider. If the cost to repair or replace is less than five percent of the dwelling limit and less than $2,500, the holdback requirement does not apply. B. stamp and coin collections Inherent vice Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. She knows the furniture in her condo unit is covered as personal property under her homeowners policy but wants to know if the stored furniture is also covered and, if so, do any coverage restrictions exist. Physicians and Surgeons Floater Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . D. commercial buildings. Under your standard coverage, expensive jewelry, firearms, and furs may not be sufficiently covered scheduled personal property coverage can insure these items up to their full value. You also have up to $500 of coverage for unauthorized use of your credit cards. "Homeowners Insurance Guide." Property such as electronics, firearms, business property, and watercraft may have limitations. A) Coverage C--Personal property. Coverage A under the Homeowners Policy includes coverage for which of the following? Structures that are set apart from the dwelling by a clear space B. Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. Functional Replacement Value - Functional replacement cost is the cost to replace the damaged property with property that performs the same function, but is not like-kind or quality. A) Special limits of liability. personal property of roomers or boarders is excluded under the homeowners policy. C. Coverage is not provided to a garage rented for private garage purposes C. stated value $74,850.0035,798.00. A. affective events theory Choose the false statement regarding the coverage of property under a Homeowners Policy. Scheduled personal property. What is Scheduled Personal Property? | Allstate Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? For instance, if you insure your home for $120,000 and your policy covers your personal property at 10%, your personal items will be insured for up to $12,000. C) The criminal, the crime, a police officer and a court of law. includes: Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises Including debris removal, what is the maximum an HO-3 policy with a Coverage A amount of $250,000 will pay If a detached garage burns down? Learn about what is typically covered in a renters policy and additional coverages you may want to consider. all of the following are special personal property limits under a homeowners policy EXCEPT: a. D. Coverage is not provided to a garage rented for private garage purposes. Open perils coverage is available by Endorsement for scheduled items at an additional premium. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? explosion A. Although she is willing to accept the insurer's settlement offer for the ceiling, walls, and hardwood floors, she objects to the insurer taking into account depreciation of the furniture and clothing. According to Menger, what was the main concern of individuals in early trade situations? D. Camera floater, Which floater may be used to cover office equipment and furniture? What Is an Insurance Endorsement? | Allstate American Family Insurance. A. golf clubs What are the implications of your statistical conclusions in terms of driving safety recommendations? One classified ad lists a job that pays 64.6K. By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. B. The following options are available to the insurer EXCEPT: Pay the total cash value of the pair of earrings prior to the loss divided by two. C. homes A Homeowners Policy will not cover theft of a boat away from premises They would not recover their loss in full because they were not insured to value. B. Eloise installed an in-ground swimming pool in the back yard of her home. C. 60 An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. Renters Insurance Coverage and Policies | Allstate What Coverage C special limit of liability applies to the loss? He asks his insurance agent if the family cemetery plot and the small greenhouse he rents to a friend who grows and sells orchids are also covered under the policy. D. a townhouse that is owner-occupied, Loss arising out of acts the insured expects or intends is excluded under both Coverage ___ and Coverage ___, What is true regarding personal liability coverage, It is added by endorsement to the dwelling policy, but automatically included in the homeowners policy, Coverage E - Personal Liability provides coverage to the insured if, a claim is made or a sit is brought against the insured for damages because of bodily injury to property damage to others, Additional coverages for coverage A for trees, shrubs, plants, or lawns, loss caused by: The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence B. an open perils (all-risk) basis. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. In addition, it provides personal liability coverage. D. $1,000, Ocean Marine covers: Homeowners' Endorsements- the Details Make the Difference B. Dwellings under construction are covered for theft Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. Each of these payouts would be subject to a deductible. replacement cost coverage is available by endorsement, for an additional premium. Payment of the actual cash value or a proportional share of the loss, whichever is greater, Averagenumberofcommonsharesoutstanding, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, CHM 101 Exam #3 Chapter 11 Lecture Notes From, Chapter 6 - Addiction Across the Life Span. Damage arising out of the insured's business pursuits Read our, Definition and Examples of Scheduled Personal Property, Pros and Cons of Scheduled Personal Property, Answers to Common Homeowners Insurance Questions, What You Need To Know About Hurricanes and Insurance Coverage. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. The election process for the Academy Awards (for films) involves several stages and several different voting methods. B. a mobile home that is owner-occupied A Fine Art Floater: (Round to the nearest cent. Installment Sales Floater The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not, The permitted incidental occupancy endorsement, Deletes exclusions in the policy pertaining to a business conducted on the resident premises Under an HO-3 policy, what is the coinsurance requirement? Which of the following would not be eligible to purchase a Homeowners Policy? & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. B. Liability - Section I of the Homeowners Policy contains the Property Coverages. D. The Damage to Property of Others duplicates coverage that is included in Section I. A. cattle shipped to market Samuel has the 2011 edition of the ISO homeowners policy. An insurance deductible doesnt apply to this coverage. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. Bicycle floater Under what coverage part of her homeowners policy is the lumber insured? All of the following would be included in the definition of 'insured location', except: A 5-family dwelling in which the insured lives in one of the units, including the structures and grounds ----Eligible residential dwellings are those containing one to four residential units and no more than 2 roomers or boarders per family. Coverage D of a Homeowners Policy includes loss of income from an incidental business Under Coverage C of a Homeowners Policy, all of the following losses are included, except: Property of a roomer, boarder or tenant --- Property of roomers, boarders, or tenants is not covered under the policy. What is the amount of the dividend s in arrears? To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. \end{array} A. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? B. A. Which statement is true concerning Section II of a Homeowners Policy? She purchased the necessary lumber and it's piled in her back yard. Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . What Is an Insurance Endorsement? Which of the following would not be included in the meaning of 'insured' in a homeowners policy? Under Section II of the Homeowners Policy, an employee whose duties are related to the maintenance or use of the residence premises, is defined as: A residence employee - 'Residence employee' means any employee of an insured, whose duties are related to the maintenance or use of the residence premises. D. 90. Coverage D: Loss of Use, Coverage E: Liability Texas Department of Insurance. A model airplane It offers "open perils" protection for your house and detached structures like garages, sheds, fences. Unscheduled Personal Property Coverage Covered up to 10% if kept at a location other than the main residence True or False The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not True The permitted incidental occupancy endorsement Liability coverages are set forth in Section II of the Policy. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. What are the main advantages to the insured if the homeowners policy is a package policy? On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. What is covered by standard homeowners insurance? | III It extends Section II coverages to the insured's home day care business --- The Home Day Care Coverage Endorsement extends the coverage of the Homeowners Section II to the Day Care Business. 30 The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. $2,500 An insurer is not required to accept any property that an insured has Abandoned How would a covered loss to their home be settled or adjusted? A. a warehouse You may not realize the value of what you own until your home is damaged or vandalized. While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. Which property would be settled for its actual cash value even if the Personal Property Replacement Cost Loss Settlement Endorsement is attached to the HO-3 policy? C. Home schooling is permitted under a Homeowners Policy He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. Select the person who is not considered an insured under an HO-3 policy? Dave has a homeowners insurance policy. Definition. Her jeweler will reproduce the lost earring for $10,000. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? PERSONAL INLAND MARINE - The Rough Notes Company Inc. B. mariners After cooking dinner, he turns off the gas to the grill. Two years ago, the insured bought the home for $58K. A Special personal property. D) An insured, an agent, an insurer and a claim. The coverage limit for jewelry is $10,000 (no per-item limit) and is subject to the policy deductible (the amount you'll have to pay before insurance coverage kicks in). The property section of the homeowners policy excludes coverage for certain types of property. D. Medical payments coverage is available for the insured and resident relatives. Their homeowners policy imposes certain duties on them when a loss occurs. Describe five common fees assessed on credit card accounts and how they can be avoided. By purchasing the right insurance policy, you may be able to protect yourself from the financial costs of unforeseen losses, such as fire and natural disasters, frozen pipes, or even burglaries.

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