the scheduled personal property endorsement quizlet

includes: Protection extends to additional types of loss above that covered by the homeowner's policy. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. C. Home schooling is covered under a Homeowners Policy A. Detached private structures on the residence premises Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. Other structures, which include items such as sheds, fences, and the mailbox. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 Which of the following additional coverages is only included in certain homeowners forms? detached shed from which a tool repair business is operated. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. B. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises 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? 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 Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. Bart keeps a dog that is known in the neighborhood to be vicious. Damage caused intentionally by the insured's 10-year-old son The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? C. furs and jewelry Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. is the worlds leading manufacturer of construction and mining equipment. Describe five common fees assessed on credit card accounts and how they can be avoided. $26,250 ---- The Coverage B total is $25,000, and the policy allows for an additional 5% for debris removal: $25,000 + 5% or $1,250 = $26,250. Under the HO-4 and HO-6, personal property is covered on which basis? D. Lumber in the insured's yard to be used to build a deck off the kitchen. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. lightning A) Special limits of liability. C. stated value (The home cannot contain more than 4 families), are also eligible for homeowners policy if the named insured is to be the occupant, Which of the following is the correct formula used to calculate ACV, Loss sustained while the injured party is on an insured location with any insured's permission is covered under, The insurance limit for coverage B-other structures is, 10% of Coverage A (Except for HO-4 and HO-6), All of the homeowners forms provide identical. Under an HO-3 policy, what is the coinsurance requirement? 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 friend who is renting a bedroom in the insured's house since it is only three blocks away from work - Since the friend is a tenant, not a relative or a person in the care of the insured, he/she would not be an insured under the policy. Tom and Ann have just bought a condominium for their residence. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence The peril causing this loss is malicious mischief. Personal Articles D. It covers injury to attendees while loading or unloading them from draft or saddle animals. all of the following are special personal property limits under a homeowners policy EXCEPT: a. By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. Most Personal Articles Floaters are written on: Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises They believed that they did not get enough for this property because the settlement was based on actual cash value. D. a good mood. damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type Insurer investigation expenses are in addition to the limits stated in Coverage E These duties include household and domestic services, such as those of a gardener or nanny. Derek's agent tells him. Which statement is true concerning Section II of a Homeowners Policy? The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. 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? B) $500.00 In addition, Birinyi Associates identified Caterpillar as one of the top five companies to repurchase their own shares in a recent year.12 Three recent years of earnings and average common shares outstanding data for Caterpillar are as follows (in millions): Year3Year2Year1Netincome$3,695$3,789$5,681Averagenumberofcommonsharesoutstanding617.2645.2652.6\begin{array}{lrrr} - 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. Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. Under an HO-2 policy with a coverage limit of $50,000 on the dwelling, what is the amount of personal property coverage that would be available? To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. Charles Munyi has over eight years of experience as a personal finance writer. 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. Scheduled personal property endorsement If the insured owns a watch valued at $10,000, full coverage can be provided on a homeowners policy by purchasing the 80% The dwelling insured on HO-2, HO-3, or HO-5 forms is covered for replacement, provided that it is insured for at least what percentage of replacement cost on the date of loss? Of the following statements concerning Homeowners policies, which is correct? "Homeowners Insurance Guide." Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. What endorsement do you recommend? Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. A. a duplex that is owner-occupied Accessed Oct. 15, 2021. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. The land on which the dwelling is located --- While vacant land is included in the definition of 'insured location,' for the purposes of liability coverage, no property coverage is provided for land under the Homeowners policy. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. The Home Day Care endorsement does not provide which of the following? & \$74,850.00\\ After cooking dinner, he turns off the gas to the grill. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. Installment Sales Floater It provides Commercial General Liability coverage for the day care operation "Scheduled Personal Articles Insurance Coverage." Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. C) Scheduled personal property endorsement. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? B. Dwellings under construction are covered for theft Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Under what coverage part of her homeowners policy is the lumber insured? An endorsement can settle personal property losses on a replacement cost basis. Inherent vice 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. What endorsements allows an insured to purchase coverage in excess of the special limits of liability contained in the homeowners policy for certain items of personal property'such as jewelry, fine arts, and musical instruments'and also broadens coverage? Marilyn and Dan live in an apartment. Scheduled personal property is optional coverage you can add to your standard homeowners insurance policy to cover more risks and increase coverage limits on some high-value items. $100 Choose the true statement concerning Homeowners Policies. trees, shrubs, plants Advertisement \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ B. bridges owned by municipalities Installment Sales Floater 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. 80% of the replacement cost. 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. C. A hovercraft Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. A. ships' cargo Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. ), $74,850.0035,798.00\begin{array}{r r} What are the implications of your statistical conclusions in terms of driving safety recommendations? All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. A. Borrowed property meets the definition of contents A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. Which of the following property is covered under the Homeowners Policy? What is his objection to actual cash value and what, if anything, can he do about it? How would a covered loss to their home be settled or adjusted? A Homeowners Policy will not cover theft of a boat away from premises Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? As their agent, which homeowners coverage form should you offer them? Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. aircraft Physicians and Surgeons Floater C. homes For example,traditionalcoverage may cover the loss from a fire or theft. What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? A better solution. B) cost to have the dog put to sleep. Joaquin wants both property and liability insurance in one policy. 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. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. Floater insurance is a type of insurance policy that covers personal property that is easily movable and provides additional coverage over what normal insurance policies do not. $0 C. Contractor's Equipment Floater On wet pavement, the standard deviation of stopping distances is 32 feet. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Your insurance companys underwriting team will review and get back to you with the status of your request. B. Exhibition floater Definition and If You Need It, Fire Insurance: Definition, Elements, How It Works, and Example, Rider: Definition, How Riders Work, Types, Cost, and Example, Personal Property: Definition, Examples, and Role in Insurance. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. B. B. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? The standard mortgage clause specifies the rights and duties of the mortgagee which include, Paying the premium if the insured fails to do so, The homeowners forms contain certain additional coverage. A Homeowners Policy will not cover theft of a boat away from premises Two years ago, the insured bought the home for $58K. What Does Homeowners Insurance Cover and Not Cover? D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? Natalie offers to rent a room in her home to a local college student. Which of the following endorsements to the Homeowners Policy adds coverage for injury resulting from libel, slander, false arrest, defamation, invasion of privacy and other such offenses that could result in a personal liability suit? The stone could be replaced for $1,700. Some companies may even cover your personal property if damage occurs when you are away from home, but there may be a limit on the dollar amount of coverage. Kevin came home from work to find that his house had been vandalized. Gabriella lives in a multi-unit dwelling. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? A. These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. B. Complete the table to find the single deposit investment amounts. You can add this endorsement to either a schedule or blanket farm personal property insurance plan to give you additional coverage from $5,000 to $100,000. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. D. A speaker system installed in the insured's car. She purchased the necessary lumber and it's piled in her back yard. Each of these payouts would be subject to a deductible. Under the holdback requirement of a homeowners policy, the insurer must pay only the actual cash value of the loss until the actual repair or replacement is completed, subject to one exception. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? how would a loss be adjusted under a homeowners policy with an insurance-to-value clause if a homeowner failed to carry coverage of at least 80% of the replacement cost of the home? D. Private structures owned by the insured at other locations. What is the ppp-value? A. covers inherent vice. A. It includes the Broad Form named perils on an actual cash value basis -- The HO-4 provides Broad Form named perils coverage on an actual cash value basis. How Much Homeowners Insurance Coverage Do I Need? A complete list or inventory of your personal property and its total value will help you decide how much coverage is adequate and make filing claims easier. Per person -- Medical payments coverage for all types of policies pays on a 'per person' limit, When the property has been vacant for 60 consecutive days -- Since vacant property possesses a higher susceptibility to being vandalized, the policy excludes vandalism coverage when insured homes are vacant for 60 days or longer. Fair market value C. The dwelling on the insured premises, plus any structures that are attached to the dwelling B. mariners B. A. Which of the following homeowners policies covers tenants or renters? Personal inland marine coverage eliminates many of the various person-al property issues on the homeowners policy forms (and endorsements) and provides a straightforward coverage option. Property damage coverage included damage from insects, weathering, and wear and tear. storage shed. A. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? 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. B. Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. A. a stated value basis. Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. Which of the following would not be eligible to purchase a Homeowners Policy? 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. It offers "open perils" protection for your house and detached structures like garages, sheds, fences. Coverage D of a Homeowners Policy includes loss of income from an incidental business -- Coverage D does not cover loss of income from an incidental business. Which of the following is true regarding an unendorsed HO-4 (tenants form)? In what type of home does Mrs. Zabinski live? Animals, birds, fish D) Personal property replacement cost endorsement. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. As an example, your policy may state that it will cover a maximum of $1,500 for losses of watches, precious stones, and other jewelry. What is relocation diffusion in human geography? Structures rented to someone who is not a tenant for use only as a private garage. Which statement is true concerning Section II of a Homeowners Policy? Your clothing, appliances, furniture, and jewelry are all treated as personal property. riot B. Broad perils coverage - These two Forms provide Broad Form Perils Coverage. A. Which of the following would not be an insured under Section II of the Homeowners Policy? B) cost to have the dog put to sleep. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement D. Section I limits coverage on utility trailers up to $500 The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. A. C. fine art Damage to these items is not covered if caused by. Vandalism and malicious mischief losses are excluded under the Homeowners Policy: When the property has been vacant for 60 consecutive days - Since vacant property possesses a higher susceptibility to being vandalized, the policy excludes vandalism coverage when insured homes are vacant for 60 days or longer. Scheduled personal property coverage is an endorsement you can add to your home insurance. While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. D. Contractor's Equipment Floater, Inland Marine will NOT cover: Determine the earnings per share for Years 13. Learn about several types of riders that may be available on a home insurance policy.

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