the scheduled personal property endorsement quizlet

\text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ 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. C. reservations A. barratry Property damage coverage included damage from insects, weathering, and wear and tear. Damage arising out of the insured's business pursuits C. Payment under Damage to Property of Others is made regardless of negligence What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? Personal Articles Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. What is his objection to actual cash value and what, if anything, can he do about it? If an expensive painting and an antique chair are stolen from the insured's home, what will the insured receive on the claim under that endorsement? A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. A. breakage A research hypothesis is that the variance of stopping distances of automobiles on wet pavement is substantially greater than the variance of stopping distances of automobiles ondry pavement. Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Scheduled personal property. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage B) cost to have the dog put to sleep. How does the homeowners policy limit coverage for these types of property? The Watercraft Liability endorsement provides which coverage? B. inherent vice For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Personal property is covered worldwide. 1,500 for jewelry; $2,500 for theft of firearms. B. stamp and coin collections Coverage D of a Homeowners Policy includes loss of income from an incidental business A. certificates When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? D. Installation Floater, Tourist luggage is insured by which floater? no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. Bridget reported the theft of her Rolex watch to her insurance company. C. homes What homeowners policy form would best suit the Tuttles' needs. D. Medical payments coverage is available for the insured and resident relatives. Coverage D: Loss of Use, Coverage E: Liability The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. Which of the following homeowners policies covers tenants or renters? D. Any person legally responsible for watercraft owned by an insured. 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. Samuel has the 2011 edition of the ISO homeowners policy. Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Customer Bailee Floater How was this claim paid? D. Property damage -- Physical injury to tangible property, but does not include loss of use of that property, Property damage -- Physical injury to tangible property, but does not include loss of use of that property. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. B. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. A. The policy details the dollar amount for the standard coverage of various categories. Gabriella lives in a multi-unit dwelling. 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. He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. 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 Personal property coverage is designed to help protect your belongings. 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. C. $250 Personal Property Replacement Cost Loss Settlement. The insurance company says it will replace the watch instead of making a loss payment. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? D. 90. True or False? Both the cemetery plot and greenhouse are located at the residence premises. 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. $2,500 An insurer is not required to accept any property that an insured has Abandoned A. domestic transportation shipments If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. B. 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. 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 C) Scheduled personal property endorsement. A Personal Articles Floater: Covers people who conduct business at home and have a person injured on their property, The HO-3 provides _____ peril coverage on dwelling and _____ peril coverage on personal property, Standard exclusions in the homeowners forms, Earth movement 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. $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. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. 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? Theft from a dwelling under construction prior to its occupancy A. warehouses The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. 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. A. Dwellings under construction are covered for theft After cooking dinner, he turns off the gas to the grill. Which of the following would not be an insured under Section II of the Homeowners Policy? C. a leased warehouse C. 60 Learn about several types of riders that may be available on a home insurance policy. 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. The extent to which a person feels enthusiastic, active and alert is known as ________. C) Coverage C--Personal property increased limits. The peril causing this loss is malicious mischief. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . At a .05 level of significance, do the sample data justify the conclusion that the variance in stopping distances on wet pavement is greater than the variance in stopping distances on dry pavement? George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. What endorsement do you recommend? Complete the table to find the single deposit investment amounts. detached shed from which a tool repair business is operated. lawnmowers, Bodily injury to others C. Home schooling is covered under a Homeowners Policy Unscheduled personal property refers to items that are covered by personal property coverage but have not been specifically itemized; these items are subject to the standard coverage limits. B. A standard homeowners insurance policy covers personal items up to a specific dollar limit, beyond which an insurance company won't compensate you in the event of a loss. Coverage C: Personal Property B. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. C. Installation Floater How much money would she have to earn each year before it was considered a business activity under a homeowners policy? All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. B. imports D. jewelry, A dry cleaner delivering clothes to customers should get: Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. keep the $10,000 loss payment and the recovered property. 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. The Scheduled Personal Property Endorsement, HO 04 61, does not define fine arts, leaving the category open for anything that does not fall into the jewelry, furs, cameras, musical. What Coverage C special limit of liability applies to the loss? Scheduled personal property coverage provides three specificadvantages that extend beyond the benefits of a standard insurance policy: By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. All of the following are benefits provided by the Loss of Use coverage (Coverage D) in a homeowners policy EXCEPT: Janice and Bill ask their agent which homeowners insurance form she would recommend to meet their needs. 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. Liability - Section I of the Homeowners Policy contains the Property Coverages. They want to buy insurance to cover their personal property and protect them against liability claims from third parties. Kevin is looking for a job as a piano technician. Coverage does not apply to property damage covered under Section I of the policy. B. gun collections 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. B. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ motorized wheelchairs C. Vermin He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. 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. Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. fences theft, Additional coverages found in all homeowners forms include, Debris removal Liability for loss to use of another's property C) It is covered for up to 10% of the coverage C limit. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. B. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. Under the cancellation condition, the insurer can cancel for any reason with 10 days' written notice to the insured during, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. Installment Sales Floater (Round to the nearest cent. 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. replacement cost coverage is available by endorsement, for an additional premium. 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. One classified ad lists a job that pays 64.6K. Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. C. An attached garage Which of the following is considered personal property not covered by the homeowners policy? Marilyn and Dan live in an apartment. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. D. Coverage D of a Homeowners Policy covers additional living expenses. Derek's agent tells him. A Personal Article Floater can cover: 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. A Fine Art Floater: Michael and Tricia have spent much time and money to landscape their property. An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. What does the representative tell them? vandalism and malicious mischief aircraft A. broad Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. `Lisa lost one of her emerald earrings. A scheduled personal property endorsement is an endorsement that allows certain property which might not be covered by a standard homeowners' insurance policy to be covered. The factors involved in location decisions include. D. Coverage is not provided to a garage rented for private garage purposes. A. covers inherent vice. What should their agent tell them? & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ Fair market value - any other residents who are under 21 and in the care of any member of the insured's family C. Contractor's Equipment Floater Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. Which of the following statements about coverage under the federal flood insurance . Physicians and Surgeons Floater The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. \end{array} Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. Other structures, which include items such as sheds, fences, and the mailbox. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? A. jewelry salesperson's sample case Which of the following is true regarding an unendorsed HO-4 (tenants form)? On what basis was the loss settled? Borrowed property meets the definition of contents Advertisement D. Camera floater, Which floater may be used to cover office equipment and furniture? 70% of the replacement cost. They would not recover their loss in full because they were not insured to value. 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. A show dog C) the neighbor's medical expenses. D. Territorial Limits. Medical payments coverage is not available for a residence employee The amount specified for this ring in the schedule is $2,000. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. In contrast, a traditional homeowners policy covers the property on an actual cash value basis. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: B. American Family Insurance. The court orders that the animal be put to sleep. Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. On what form is Albert's homeowners policy written? A. a stated value basis. You also have up to $500 of coverage for unauthorized use of your credit cards. 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 section 2 liability endorsements provides coverage for business conducted away from the residence premises? All of the following are eligible for coverage under a homeowners policy except, Are eligible for homeowners policy if the mobile home endorsement is attached. The required reserve ratio is 10 percent. Laura's insurer paid $10,000 claim to reproduce the missing earring. $74,850.0035,798.00. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? Under what coverage part of her homeowners policy is the lumber insured? Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. C. furs and jewelry Describe the procedure and comment on its fairness. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. reasonable repairs A. affective events theory B. Dwellings under construction are covered for theft Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. $$, 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. Learn about what is typically covered in a renters policy and additional coverages you may want to consider. Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. By purchasing a scheduled personal. Power failure, A dwelling policy covers all types of personal properties listed except With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? B) Special property limits. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. It provides Commercial General Liability coverage for the day care operation 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? What is the average rate at which the clerk sorts mail during the first 3 months on the job? The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. However, there are limits for the coveragevalue for eachitem. Texas Department of Insurance. Under an HO-3 policy, what is the coinsurance requirement? C. Medical payments will pay for a maximum of 1 year from the date of the accident B. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. 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. Fred and Sharon live in an older home whose replacement cost far exceeds its market value. It may provide protection in the event of a covered loss, such as theft or fire. Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. C. all-risk B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. Which of the standard homeowners policies includes malicious mischief as a named peril? Scheduled personal property endorsement Crew of ships are covered by the? A. Money is covered up to $500 per occurrence - The limit on money is $200. B. single family homes A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Which of the following additional coverages is only included in certain homeowners forms? Caterpillar had no preferred stock outstanding. 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 Which of the following additional coverages is only included in certain homeowners forms? Water Damage (Excluded from all homeowners policies), Supplementary payments of the homeowners policy section 2 are paid, Which of the following losses would be 100% covered under Coverage C-personal property, A $1,250 fur coat that was stolen from the premises, Material misrepresentation by the insured requires & Substantial change in risk insured requires. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. Which statement is correct? Under a Homeowners policy, Coverage B is what percentage of Coverage A? Losses to dwellings and other structures are paid at replacement cost. Mrs. Delaney hired a contractor to build a deck on the back of her house. D. Installation Floater. A. cattle shipped to market C) Scheduled personal property endorsement. Open perils -- The HO-5 is the broadest policy providing open perils coverage on Coverages A, B, and C. Which person is not a covered resident under the Homeowners Policy? D) Personal property replacement cost endorsement. Charles Munyi has over eight years of experience as a personal finance writer. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? Physicians and Surgeons Floater 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? The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. All of the following definitions are true of a Homeowners Policy, except: trees, shrubs, plants A windstorm damages Tyrone and Belinda's garage and screened-in porch. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. Which of the following is true regarding Section II of the Homeowners Policy? What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? Coverage D of a Homeowners Policy includes loss of income from an incidental business The pair of earrings cost $15,000 and was recently valued at $20,000. What is the ppp-value? 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. Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. replacement cost coverage is available by endorsement, for an additional premium. 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. A. B. imports and exports A. birthday gifts $$ Coverage A: Dwelling Accessed Oct. 15, 2021. "Homeowners Insurance Guide." Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? - 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. 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? Under what section of her homeowners policy is the pool insured, if at all? He has a homeowners policy and wonders if it covers the business equipment. The right of privacy was not acknowledged as a separate right until the 1960s. A typical homeowners policy does not cover. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ 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. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? Each insurance company will value your personal property differently. A. C. Damage to property owned by the insured Collapse (Is included in HO-2, 3, 4, 5, and 6, Which of the following coverages applies to personal property owned or used by an insured and is included in all homeowners policies. B. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. The replacement value of the home is $450,000. What are the implications of your statistical conclusions in terms of driving safety recommendations? Section II is the same in all Homeowners Forms - Since the liability exposures of individuals and families have little to do with their mode of residence, Section II is the same in all Homeowners Policy forms. D . Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. 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. Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? 45 D. leased buildings, Each of the following is a Personal Floater EXCEPT: What Coverage C special limit of liability applies to the loss? B. Retrieve copies of either the receipts or appraisals of each item. C. It covers injury to an employee, as well as attendees, arising out of day care operations Other named peril losses are covered up to the Coverage C limit. 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? The property section of the homeowners policy excludes coverage for certain types of property. B. Insects The preferred stockholders are also due to receive dividends in arrears for one year. As their agent, which homeowners coverage form should you offer them?

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