the scheduled personal property endorsement quizlet

Personal Property Replacement Cost - Dick Law Firm The pair of earrings cost $15,000 and was recently valued at $20,000. A. Accessed Oct. 15, 2021. She knows the furniture in her condo unit is covered as personal property under her homeowners policy but wants to know if the stored furniture is also covered and, if so, do any coverage restrictions exist. What is Scheduled Personal Property? Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Which of the following is true regarding an unendorsed HO-4 (tenants form)? 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. Fair market value Round to one decimal place. & \$74,850.00\\ Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? Derek's agent tells him. The insurance company says it will replace the watch instead of making a loss payment. Commercial floaters cover: 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. Borrowed property meets the definition of contents Property & Casualty Flashcards by Elizabeth Brandt | Brainscape 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. C. all-risk all of the following are special personal property limits under a homeowners policy EXCEPT: a. These duties include household and domestic services, such as those of a gardener or nanny. The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. Installment Sales Floater personal property of roomers or boarders is excluded under the homeowners policy. "Homeowners Insurance Guide." 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. The scheduled personal property endorsement provides open peril coverage C. Theft of silverware is covered up to $2,500 D. Money is covered up to $500 per occurrence Money is covered up to $500 per occurrence The limit on money is $200. Which homeowners insurance form is appropriate for Marilyn and Dan? Well not relieve the insure of its policy obligations What is the amount of the dividend s in arrears? In an HO 3 policy, the definition of 'motor vehicle' includes automobiles and all of the following EXCEPT: All of the shrubbery and plants on Tippi's front lawn were destroyed by a windstorm. B. covers private art works. Installment Sales Floater B. fine art What are the main advantages to the insured if the homeowners policy is a package 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? Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? B. lightning Learn about what is typically covered in a renters policy and additional coverages you may want to consider. Throwing cargo into the sea to save a sinking ship is: The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. A. A. Does homeowners insurance cover theft outside the home? C. Coverage is not provided to a garage rented for private garage purposes B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? Wisconsin Office of the Commissioner of Insurance. A Homeowners Policy will not cover theft of a boat away from premises The court orders that the animal be put to sleep. Scheduled personal property coverage is an endorsement you can add to your home insurance. | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. A. Mac bought a new gas grill from a local department store. Scheduled Personal Property Definition - Investopedia 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. However, which type of property is covered? Scheduled personal property is an insurance endorsement you can add to your regular 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. Insurance coverage options for fine arts | PropertyCasualty360 non-owned vehicles Structures rented to someone who is not a tenant for use only as a private garage. A. Charles Munyi has over eight years of experience as a personal finance writer. Also known as. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. 45 Homeowners Policies Flashcards | Chegg.com B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. A. ACV Personal Articles Floater Which of the following is not covered if the insured has broad peril coverage? Costs the insured was already paying before incurring the loss are not covered. furniture 1 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. Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. A model airplane Scheduled personal property may increase the coverage limits on expensive items such as jewelry, furs, art and antiques, stamps, coin collections, or other select collectibles. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. For more jewelry. 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. Homeowners Property Coverage Flashcards | Quizlet 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). All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Homeowners Insurance Flashcards | Quizlet Structures that are set apart from the dwelling by a clear space D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Marc and Nancy insure their home for $300,000 with a homeowners policy. 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. The Tuttles own a late-19th century Victorian home. B. Retrieve copies of either the receipts or appraisals of each item. B. inherent vice Understanding Home Insurance | Mass.gov How much did Molly's insurance company pay to the mortgagee? The factors involved in location decisions include. What endorsement do you recommend? Policyholders receive a full copy of their policy, which usually runs at least 20 pages. 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. A. commercial buildings Scheduled personal property endorsement. In some situations, property owned by others may also be covered under a standard policy. A Fine Art Floater: Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. A. a warehouse 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. 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 - 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. A HO-3 policy provides coverage on which basis? She wonders what the endorsement does. fire dept service charge Money is covered up to $500 per occurrence - The limit on money is $200. What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? Describe the procedure and comment on its fairness. 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. 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? D. Territorial Limits. Which would NOT purchase a bailee's floater? A. In addition, it provides personal liability coverage. Members of the family under the age of 24 living at school away from the home A) Special limits of liability. She purchased the necessary lumber and it's piled in her back yard. B. provides all-risk coverage. They believed that they did not get enough for this property because the settlement was based on actual cash value. This provides coverage for specific items of property that exceeds the internal limit on the policy, Loss settlement is based on the ____ ____ ____ up to the amount listed on the endorsement. B) Special property limits. D. $1,000, Ocean Marine covers: Scheduled personal property endorsement Crew of ships are covered by the? Complete the table to find the single deposit investment amounts. Customer Bailee Floater Which endorsement would have provided a better loss settlement? Determine the earnings per share for Years 13. 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? - any other residents who are under 21 and in the care of any member of the insured's family A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. A floater can be used to insure each of the following except: The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence 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. His insurance agent suggests that he add which endorsement to adequately cover his watch? 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 Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape Cater pillar I nc. D. 90. All of the following statements is correct about a Homeowners Policy, except: Damage to Property of Others coverage is provided up to a specified limit regardless of negligence C. Home schooling is covered under a Homeowners Policy Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. 7 Q An insured's home is covered by a DP-3. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. Which of the following homeowners policies covers tenants or renters? Under a Homeowners policy, Coverage B is what percentage of Coverage A? Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. explosion Relatives of the named insured, meaning they are related by blood, marriage, or adoption 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? Personal property coverage is designed to help protect your belongings. D. Contractor's Equipment Floater, Inland Marine will NOT cover: 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? B. salespersons' samples, Marine Transportation Insurance covers: 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? "Scheduled Personal Articles Insurance Coverage." Property and Casualty Flashcards | Chegg.com If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type lawnmowers, Bodily injury to others Other structures, which include items such as sheds, fences, and the mailbox. It extends Section II coverages to the insured's home day care business Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. Types of Homeowners Insurance (Policy Forms) | Credible One classified ad lists a job that pays 64.6K. The homeowners policy contains which of the following types of insurance coverage? A. 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. Medical payments coverage is not available for a residence employee B) cost to have the dog put to sleep. D) Personal property replacement cost endorsement. C) No coverage is available. \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. Renters Insurance Coverage and Policies | Allstate Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? A little later the grill explodes and damages Mac's home. 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. B) $500.00 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? Which of the following additional coverages is only included in certain homeowners forms? for landlord . Question 54 of 63 The land on which the dwelling is located D. outboard motors and fishing tackle, Ocean Marine Insurance covers: Learn how coverage works. Marilyn and Dan live in an apartment. Property damage coverage included damage from insects, weathering, and wear and tear. A. Moving property adds some risks you don't normally face, so it makes sense to protect your farm personal property if you're going to be moving it from place to place. the maximum amount of coverage that can be written on any single dwelling is $25,000. 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. Coverage does not apply to property damage covered under Section I of the policy. B. no, because there are more than 4 units in the dwelling. 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. motorized wheelchairs Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. 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. Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? C. A hovercraft On what form is his policy written? Michael and Tricia have spent much time and money to landscape their property. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? A standard homeowners insurance policy covers personal items up to a specific dollar limit, beyond which an insurance company wont compensate you in the event of a loss. B. imports and exports $$ B. Under Section II of the Homeowners Policy, an employee whose duties are related to the maintenance or use of the residence premises, is defined as: A residence employee - 'Residence employee' means any employee of an insured, whose duties are related to the maintenance or use of the residence premises. A. cattle shipped to market The required reserve ratio is 10 percent. The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. C. buildings Scheduled Personal Property | Definition | Kin Insurance $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. The most common perils covered by an HO-1 policy include: Fire or lightning Smoke Windstorms or hail Explosion Aircraft Vehicles Vandalism Theft Few homeowners have this type of policy. The coverage will pay for any increase in living expenses required to maintain the insured's normal standard of living - Coverage D is intended to pay only the increase in the insured's normal living expenses occasioned by the loss. In what type of home does Mrs. Zabinski live? Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? 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. Personal property is a class of property that can include any type of asset other than real estate. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. - all relatives of the named insured who live in the same household People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. The election process for the Academy Awards (for films) involves several stages and several different voting methods. For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. What are the implications of your statistical conclusions in terms of driving safety recommendations? What limitations, if any, apply to cash and securities? C. a home under construction that the owner intends to occupy Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. 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. D) Whatever it will reasonably cost. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. Laura's insurer paid $10,000 claim to reproduce the missing earring. 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. Theft of silverware is covered up to $2,500 C. Money is covered up to $500 per occurrence D. The Scheduled Personal Property Endorsement provides open perils coverage Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. 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. Although Laura thought she had lost her emerald earring, the pair was stolen by a temporary worker who accidentally left one of the earrings behind. What homeowners form would be most appropriate for their insurance needs? ), $74,850.0035,798.00\begin{array}{r r} D. jewelry, Inland Marine covers: A. Mac's homeowners policy pays for the damage to the home and grill. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? What Is an Insurance Endorsement? 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. Learn about several types of riders that may be available on a home insurance policy. theft, Additional coverages found in all homeowners forms include, Debris removal 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. C. insect damage Bridget reported the theft of her Rolex watch to her insurance company. B. jettison, Floaters provide which type of coverage: 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? An insurance deductible doesnt apply to this coverage. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. Floater Insurance Definition - Investopedia Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. intended use Exam 5 Flashcards | Chegg.com C. Home schooling is permitted under a Homeowners Policy 80% of the replacement cost. $1,500 for trailers not used with watercraft b. Personal Effects, Inland Marine policy losses are usually calculated with which method of valuation: Which of the following would not be eligible to purchase a Homeowners Policy?

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