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Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. You tell her that by adding this endorsement the insurer agrees to pay the lowest of the following values, for most types of property insured on the endorsement, EXCEPT: Beatrice works from her home, on a part-time basis, as a hairdresser. She wonders what the endorsement does. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. The Watercraft Liability endorsement provides which coverage? C. is an unscheduled blanket policy. B. Learn how coverage works. Accessed Oct. 15, 2021. A standard homeowners insurance policy covers your personal property up to a specific limit. Bart keeps a dog that is known in the neighborhood to be vicious. non-owned vehicles B. Bicycle floater Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Accessed Oct. 15, 2021. D. provides named peril coverage. Personal property is a class of property that can include any type of asset other than real estate. By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. C) Scheduled personal property endorsement. - 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. An endorsement can settle personal property losses on a replacement cost basis. Chapter 5 - Homeowners Policy Flashcards | Quizlet Kevin came home from work to find that his house had been vandalized. In order to be covered by a scheduled personal property endorsement, the policyholder's personal property must be listed in the schedule, or list, for coverage. Renters Insurance Coverage and Policies | Allstate It may provide protection in the event of a covered loss, such as theft or fire. A. Structures rented to someone who is not a tenant for use only as a private garage. B. imports C. golf clubs A. Homeowners Insurance Flashcards | Quizlet - &35,798.00\\ \hline C. Contractor's Equipment Floater The insurer can do this because losses to personal property are settled on what basis? Which statement is correct? Homeowners insurance Quiz Flashcards | Quizlet B. an open perils (all-risk) basis. War trees, shrubs, plants \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. detached garages Scheduled personal property works in two ways: increasing policy limits to cover more expensive items and protecting these items from a more significant number of . The dwelling must be the principal residence of the insured -- The underlying concept of the Homeowners Policy is that owner-occupied property has, in most cases, better care and maintenance than tenant-occupied property and is therefore eligible for package insurance and discounted rates. Open perils coverage on the dwelling and broad form coverage on the personal property ---- The H0-3 provides open perils coverage on the dwelling, and Named Broad Form perils coverage on the personal property. A. covers public art collections. Advertisement C. a home under construction that the owner intends to occupy What is Scheduled Personal Property? B. basic B. provides all-risk coverage. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence CH 24 rsk mgmt Flashcards | Chegg.com The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. His insurance agent suggests that he add which endorsement to adequately cover his watch? 80% --- If Coverage A is less than 80% at the time of a loss to the dwelling, a penalty will be applied to the partial dwelling loss claim payment. C. reservations C) No coverage is available. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. C. An attached garage A. fur coats Debris removal Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises A. Charles Munyi has over eight years of experience as a personal finance writer. Of the following statements concerning Homeowners policies, which is correct? All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. B. salespersons' samples, Marine Transportation Insurance covers: Also known as scheduled personal property coverage, this is a way to raise the coverage limits of specific high-value items, such as valuable family heirlooms, that you own. The coverage for Damage to Property of Others excludes property that is covered in Section I A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. Today, it's replacement value is $60K. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. C. a leased warehouse You may not realize the value of what you own until your home is damaged or vandalized. Water damage Coverage B: Other Structures explosion B. C. Inherent Vice B. It extends Section II coverages to the insured's home day care business Fred and Sharon live in an older home whose replacement cost far exceeds its market value. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. D. A speaker system installed in the insured's car. A) 5% of the Coverage A limit. is the worlds leading manufacturer of construction and mining equipment. 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. What is it? A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. The different classes of property that are eligible for coverage . 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). However, there are limits for the coveragevalue for eachitem. Commercial floaters cover: Losses to dwellings and other structures are paid at replacement cost. A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Installment Sales Floater The following coverages are all found under Section I of the Homeowners Policy, except: Personal Injury Liability -- Section I of the Homeowners Policy contains Property coverages. Money is covered up to $500 per occurrence - The limit on money is $200. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. What Coverage C special limit of liability applies to the loss? C. Borrowed property meets the definition of contents Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? B. Dwellings under construction are covered for theft 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . B. actual cash value, The least likely method of payment for loss under a Floater is: B. Insects A. HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. B) Scheduled personal property endorsement. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ What homeowners form would be most appropriate for their insurance needs? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. You also have up to $500 of coverage for unauthorized use of your credit cards. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. subrogate the claim to seek recovery from the manufacturer. If her ring is stolen, the insurer will pay (given a $250 deductible)? A. golf clubs occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured 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? A Personal Articles Floater: A Homeowners Policy will not cover theft of a boat away from premises A Fine Art Floater: Kevin is looking for a job as a piano technician. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. The HO-5 personal property coverages are insured on which basis? Both the cemetery plot and greenhouse are located at the residence premises. Which of the following would not be eligible to purchase a Homeowners Policy? pools 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. A) Special limits of liability. Scheduled personal property coverage is an insurance rider (also known as an endorsement) homeowners can add on to their existing policy to get more protection for their valuables. $100 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. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. aircraft 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. A. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. C. Installation Floater Which of the following is not covered if the insured has broad peril coverage? 150,000 to Carole and $75,000 each to Sandra and Lynn. Property & Casualty Flashcards by Elizabeth Brandt | Brainscape B. 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. If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. Coverage D of a Homeowners Policy includes loss of income from an incidental business B. Ocean marine floaters cover each of these EXCEPT: A scheduled personal property endorsement may be used to cover each of the following EXCEPT: Inland Marine covers each of the following EXCEPT: Molly has a Homeowners Policy with a $2,000 limit on theft of jewelry. D. Breakage, Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamental Financial Accounting Concepts, Alvin A Arens, Mark A Beasley, Randal J Elder. All of the following are defined as insured locations under the Homeowners Policy, except: Farmland owned by the insured -- Farmland owned by the insured is not covered. PDF Endorsement Ho 04 61 Scheduled Personal Property You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Which of the following property is covered under the Homeowners Policy? Insurer investigation expenses are in addition to the limits stated in Coverage E B) cost to have the dog put to sleep. A. certificates What is the ppp-value? CA Personal Lines Flashcards C. buildings Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? They would not recover their loss in full because they were not insured to value. Jack and Jill are vacationing at a golf resort when a thief enters their room and steals a laptop computer, golf clubs, cash, and clothing. C. positive state affect Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? B. 70% of the replacement cost. keep the $10,000 loss payment and the recovered property. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. D. Contractor's Equipment Floater, Inland Marine will NOT cover: P & C Licensing Exam Flashcards | Chegg.com Bridget reported the theft of her Rolex watch to her insurance company. Personal Articles Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Describe the procedure and comment on its fairness. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. What do you tell her? Your insurance companys underwriting team will review and get back to you with the status of your request. Which of the following is true regarding an unendorsed HO-4 (tenants form)? A HO-3 policy provides coverage on which basis? In contrast, a traditional homeowners policy covers the property on an actual cash value basis. How Much Homeowners Insurance Coverage Do I Need? Scheduled personal property. replacement cost coverage is available by endorsement, for an additional premium. D) Personal property replacement cost endorsement. A. jewelry salesperson's sample case How does the homeowners policy limit coverage for these types of property? On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. They ask their agent if there is sufficient coverage under their standard homeowners policy for these high value items, and, if not, what is the best way to insure them. Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape C. It covers injury to an employee, as well as attendees, arising out of day care operations Coverage C of a Homeowners Policy includes: An owned camera used by the insured while on vacation in another country --- Property not covered under Coverage C includes animals, aircraft, and vehicles registered for road use. C. Damage to property owned by the insured Get home insurance quotes for scheduled personal property coverage Compare rates Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. B. stamp and coin collections B. Insects and vermin $$, What is covered under Coverage C - Personal Property, Personal property of the insured located anywhere in world, HO-2 policy provides an additional ____% of the amount coverage on the dwelling for loss of personal property, but only ___% of the personal property limit can be applied to property not located at the insured's primary residence, What homeowners endorsement is used to insure high-value items of personal property. Under what section of her homeowners policy is the pool insured, if at all? 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? `Lisa lost one of her emerald earrings. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. The replacement value of the home is $450,000. Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. Your clothing, appliances, furniture, and jewelry are all treated as personal property. $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. Learn more about how endorsements can affect your coverage. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: What should their agent tell them? Chapter 4: Homeowners Flashcards | Quizlet Which of the following is true regarding eligibility of a Homeowners Policy? Coverage is provided to property of boarders not related to the insured Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. C. Vermin DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. Which form is designed for the unit-owner of a condominium? The amount specified for this ring in the schedule is $2,000. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? CH. 5 Homeowners Flashcards | Quizlet C. 60 Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. 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. Molly's claim for damages under Coverage A of her policy was $200,000 and her claim for damages under Coverage C was $150,000. An insurer has this option, because Bridget's homeowners policy has a repair or replace option, Derek insures his home on an HO 3 policy. D. Lumber in the insured's yard to be used to build a deck off the kitchen. PI: 3.1.1 Homeowners Policy Flashcards | Quizlet A. A. For instance, if your policys dollar limit is $4,000 for all your valuables but their total value exceeds that amount, youll need to purchase a scheduled personal property endorsement to have your valuables fully covered. Which of the following is false in regard to the Home Day Care endorsement? Damage arising out of the insured's business pursuits Costs the insured was already paying before incurring the loss are not covered. Physicians and Surgeons Floater Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. Scheduled personal property coverage is an endorsement you can add to your home insurance. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 What coverage on her homeowners policy will pay for the necessary increase in living expenses she incurs because of her evacuation by a civil authority? C. furs and jewelry The homeowners policy contains which of the following types of insurance coverage? 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. A. inland marine 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. He is concerned that his homeowners policy will not provide enough coverage. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Renters Insurance Coverage and Policies | Allstate Renters insurance can do more than help protect your property. How big are the banks excess reserves? Chapter 8 Flashcards by Antonio Abarca | Brainscape A. Dwellings under construction are covered for theft The stone could be replaced for $1,700. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Another job he found has a weekly salary of $1,120. Coverage may be increased beyond the $2,500 additional coverage (10.) In addition, it provides personal liability coverage. (Round to the nearest cent. Other structures, which include items such as sheds, fences, and the mailbox. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. $2,500 An insurer is not required to accept any property that an insured has Abandoned On wet pavement, the standard deviation of stopping distances is 32 feet. Dave has a homeowners insurance policy. \end{matrix} Fair market value He keeps a considerable amount of cash and other valuables on him and around his home. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Which of the following is not one of these duties? All of the following are true, except: The property section of the homeowners policy excludes coverage for certain types of property. Property such as electronics, firearms, business property, and watercraft may have limitations. A Personal Article Floater can cover: According to Menger, what was the main concern of individuals in early trade situations? Chapter 13 - Businessowners Coverage Form, Chapter 12 - Miscellaneous Commercial Policies, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. 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.

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