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the scheduled personal property endorsement quizlet

D) An insured, an agent, an insurer and a claim. Which of the following property is covered under the Homeowners Policy? Which statement is correct? A better solution. 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. 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. What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? The HO-5 personal property coverages are insured on which basis? Installment Sales Floater Other structures, which include items such as sheds, fences, and the mailbox. Physicians and Surgeons Floater What are the main advantages to the insured if the homeowners policy is a package policy? American Family Insurance. 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. vandalism and malicious mischief How much did Molly's insurance company pay to the mortgagee? What is Scheduled Personal Property? | Allstate Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. They would not recover their loss in full because they were not insured to value. 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. With actual cash value, loss is depreciated based on age and condition. civil commotion Marc and Nancy insure their home for $300,000 with a homeowners policy. C) Scheduled personal property endorsement. C. insect damage 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. Scheduled Personal Property Endorsement - Insuranceopedia.com 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. PERSONAL INLAND MARINE - The Rough Notes Company Inc. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. (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. 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. 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. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ A Special personal property. 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. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? Damage to Property of Others coverage is provided up to a specified limit regardless of negligence - Damage to Property of Others pays up to $1,000 regardless of whether the insured is liable or not. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. 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. The earthquake endorsement is attached to Paulina's homeowners policy. Homeowners insurance Quiz Flashcards | Quizlet 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. Understanding Home Insurance | Mass.gov B. jettison, Floaters provide which type of coverage: 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. B. C) Scheduled personal property endorsement. All of the following statements is correct about a Homeowners Policy, except: 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. A. The stone could be replaced for $1,700. $74,850.0035,798.00. Most Personal Articles Floaters are written on: C) No coverage is available. C. all-risk Water damage 150,000 to Carole and $75,000 each to Sandra and Lynn. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. . Complete the table to find the single deposit investment amounts. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. A. 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. The diamond fell out of its setting and was lost. Installment Sales Floater What are the implications of your statistical conclusions in terms of driving safety recommendations? Property such as electronics, firearms, business property, and watercraft may have limitations. He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence B. inherent vice ), $74,850.0035,798.00\begin{array}{r r} 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. B. a mobile home that is owner-occupied Which form is designed for the unit-owner of a condominium? D. Medical payments coverage is available for the insured and resident relatives. A. Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? 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. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. C. positive state affect Medical payments coverage is not available for a residence employee Texas Department of Insurance. D. leased buildings, Each of the following is a Personal Floater EXCEPT: Personal Property Replacement Cost - Dick Law Firm Which of the standard homeowners policies includes malicious mischief as a named peril? Dave has a homeowners insurance policy. Which type of liability limit applies to Medical Payments coverage? If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. B. $1,500 for trailers not used with watercraft b. The homeowners policy contains which of the following types of insurance coverage? 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? What is it? The required reserve ratio is 10 percent. replacement cost coverage is available by endorsement, for an additional premium. C. buildings However, there are limits for the coveragevalue for eachitem. Physicians and Surgeons Floater sailboats motorized wheelchairs Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. D) Personal property replacement cost endorsement. Derek's agent tells him. Damage to these items is not covered if caused by. While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. B. B. What is Scheduled Personal Property? Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? C) the neighbor's medical expenses. Samuel has the 2011 edition of the ISO homeowners policy. The personal injury endorsement can be added to a homeowners policy to protect the insured from injuries to others caused by, What damage is specifically excluded under the personal property coverage in the HO-3 special form, Additional coverages in the homeowners policy, Fire department service charge Scheduled personal propertyalso called an endorsement, floater or rideris an optional coverage to your homeowners insurance policy (or a renters or condo policy) that provides more. Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy War Determine the number of times interest charges are earned for 2014 and 2013. 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. 13 Q Commercial floaters cover: D. either basic or broad, Which Floater is written on a valued basis? non-owned vehicles A. $2,500 An insurer is not required to accept any property that an insured has Abandoned Property and Casualty Flashcards | Chegg.com Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. A. certificates She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. Animals, birds, fish Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. C. Damage to property owned by the insured Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Personal property is a class of property that can include any type of asset other than real estate. 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. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. B. It may provide protection in the event of a covered loss, such as theft or fire. (Round to the nearest cent. B. stamp and coin collections 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. 45 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. Property in transit. C. exports All of the following are true, except: - 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. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ What does the representative tell them? B. provides all-risk coverage. A. $2,500 for theft of firearms c. $500 for business personal property on the insured premises d. $1,500 for securities, accounts, deeds, and evidences of debt c. $500 for business property D. The Damage to Property of Others duplicates coverage that is included in Section I. He is concerned that his homeowners policy will not provide enough coverage. C. Contractor's Equipment Floater 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. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. D. Coverage D of a Homeowners Policy covers additional living expenses. It provides Commercial General Liability coverage for the day care operation 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. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Accessed Oct. 15, 2021. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. 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. On dry pavement, the standard deviation is 16 feet. Bridget reported the theft of her Rolex watch to her insurance company. "Scheduled Personal Articles Insurance Coverage." 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. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? Which of the following is considered personal property not covered by the homeowners policy? 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? For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. B. Coverage F: Medical Expenses, Example that is covered under Coverage A: dwelling, Example that is covered under Coverage D: loss of use, The loss of income from the boarder in a house having to be moved, Example that is covered under additional coverages. 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. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Which of the following would not be an insured under Section II of the Homeowners 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. Property and Casualty Overall Test Flashcards | Chegg.com trees, shrubs, plants Choose the false statement regarding the coverage of property under a Homeowners Policy. keep the $10,000 loss payment and the recovered property. Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. These duties include household and domestic services, such as those of a gardener or nanny. 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. Coverage B: Other Structures These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. D. floaters, Each of the following is covered by Inland Marine EXCEPT: Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Exam 5 Flashcards | Chegg.com Coverage A under the Homeowners Policy includes coverage for which of the following? This modifies the basis of loss settlement from ACV to replacement value. B. salespersons' samples, Marine Transportation Insurance covers: B. Insurance coverage options for fine arts | PropertyCasualty360 PI: 3.1.1 Homeowners Policy Flashcards | Quizlet Renters insurance can do more than help protect your property. 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. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. Liability - Section I of the Homeowners Policy contains the Property Coverages. Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape 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. What Is an Insurance Endorsement? | Allstate What is the average rate at which the clerk sorts mail during the first 3 months on the job? Theft from a dwelling under construction prior to its occupancy lightning Personal property is covered worldwide. Coverage does not apply to property damage covered under Section I of the policy. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? A. breakage Which of the following is not one of these duties? Mr. Conrad lives on the second floor of a duplex he bought. How was this claim paid? Michael and Tricia have spent much time and money to landscape their property. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. In the research study, 16 automobiles traveling at the same speeds are tested for stopping distances on wet pavement and then tested for stopping distances on dry pavement. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. George just returned from Europe with a beautiful Swiss watch valued at $10,000. Under what coverage part of her homeowners policy is the lumber insured? A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. 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. A. golf clubs 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. Take pictures of all items and receipts, and send them to your insurer. As their agent, which homeowners coverage form should you offer them? Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. D . | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? An insurance deductible doesnt apply to this coverage. The court orders that the animal be put to sleep. $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.

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