A show dog 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. detached shed from which a tool repair business is operated. A. An endorsement can settle personal property losses on a replacement cost basis. Coverage A: Dwelling 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? Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? A. domestic transportation shipments 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. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. Caterpillar had no preferred stock outstanding. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. The assigning of the value of the insuredproperty will vary by the insurance provider. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. Which of the following is false in regard to the Home Day Care endorsement? The right of privacy was not acknowledged as a separate right until the 1960s. Under an HO-3 policy, what is the coinsurance requirement? 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. A. ACV Personal Articles $100 A standard homeowners insurance policy covers your personal property up to a specific limit. What is the amount of the dividend s in arrears? C. Vermin Broad perils coverage - These two Forms provide Broad Form Perils Coverage. Describe the procedure and comment on its fairness. 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. B. salespersons' samples, Marine Transportation Insurance covers: All of the following statements about the federal flood insurance program are true EXCEPT. The election process for the Academy Awards (for films) involves several stages and several different voting methods. | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Another job he found has a weekly salary of $1,120. A. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. Scheduled personal property. Note: We don't currently offer the ability to schedule property, but stay tuned! Damage to these items is not covered if caused by. Power failure, A dwelling policy covers all types of personal properties listed except Round to one decimal place. | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. non-owned vehicles Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. 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. What should their agent tell them? Which floater covers works of art sold by an art gallery on a consignment basis? Which of the following homeowners policies covers tenants or renters? Which of the following is not an Additional Coverage on the homeowners policy? D. It covers injury to attendees while loading or unloading them from draft or saddle animals. Retrieve copies of either the receipts or appraisals of each item. 80% of the replacement cost. What Coverage C special limit of liability applies to the loss? Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. Liability - Section I of the Homeowners Policy contains the Property Coverages. It offers "open perils" protection for your house and detached structures like garages, sheds, fences. Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. B. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. 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. Borrowed property meets the definition of contents C. $250 storage shed. Covered up to 10% if kept at a location other than the main residence, True or False D) Personal property replacement cost endorsement. A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. Scheduled personal property endorsement. Installment Sales Floater Personal Property Replacement Cost Loss Settlement. C. a home under construction that the owner intends to occupy D) Personal property replacement cost endorsement. One classified ad lists a job that pays 64.6K. 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. For more jewelry. Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. How was this claim paid? The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Under a Homeowners policy, Coverage B is what percentage of Coverage A? Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. property removed, Section II provides coverage to third parties including, first aid provided by the insure $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. A scheduled personal property endorsement may be used to cover each of the following EXCEPT: A. bicycles and clothing B. decks and awnings C. birthday gifts and wedding gifts D. paintings and jewelry B. decks and awnings Sheep shipped to market are insured by: A. Inland marine insurance B. homeowner policies A. Inland marine insurance Other structures, which include items such as sheds, fences, and the mailbox. The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. What are the implications of your statistical conclusions in terms of driving safety recommendations? "Scheduled Personal Articles Insurance Coverage." This year, $500,000\$ 500,000$500,000 is to be distributed. 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. B. gun collections Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? fences B. imports Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. Round to the nearest dollar. B) cost to have the dog put to sleep. Which would NOT purchase a bailee's floater? In contrast, a traditional homeowners policy covers the property on an actual cash value basis. A. A. commercial buildings What Coverage C special limit of liability applies to the loss? damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type The dwelling and other structures (Coverages A and B) are written on an open perils basis -- The HO-3 (Special Form) provides the broadest coverage available on structures: open perils (or all-risk) coverage. Describe five common fees assessed on credit card accounts and how they can be avoided. Theft from a dwelling under construction prior to its occupancy A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? $1,500 for trailers not used with watercraft b. C. Damage to property owned by the insured A. With scheduled personal property, you also. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 Liability Coverages are set forth in Section II of the Policy. B. bridges owned by municipalities "Homeowners Insurance Guide." Mrs. Delaney hired a contractor to build a deck on the back of her house. An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. A typical homeowners policy does not cover. The pair of earrings cost $15,000 and was recently valued at $20,000. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. vandalism and malicious mischief If her ring is stolen, the insurer will pay (given a $250 deductible)? 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. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. - 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. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured - all relatives of the named insured who live in the same household 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. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. 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? $0 C. buildings Cater pillar I nc. B. Scheduled personal property endorsement Crew of ships are covered by the? 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. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises 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. detached garages 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 diamond fell out of its setting and was lost. The court orders that the animal be put to sleep. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? An insured has a personal property replacement cost endorsement under her homeowners policy. Mac bought a new gas grill from a local department store. personal property of roomers or boarders is excluded under the homeowners policy. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. A. golf clubs B. all of the following are special personal property limits under a homeowners policy EXCEPT: a. What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? Personal Articles Floater, Inland Marine policies are called? Medical payments coverage is not available for a residence employee Learn how coverage works. 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? Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. The earthquake endorsement is attached to Paulina's homeowners policy. D . Which of the following would not be included in the meaning of 'insured' in a homeowners policy? The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. Laura's insurer paid $10,000 claim to reproduce the missing earring. D. Installation Floater. B) Special property limits. & \$74,850.00\\ This basic homeowners insurance policy only covers losses caused by a peril named in the policy. 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. unendorsed HO policy, there's not enough premium to handle the multitude of events that can cause a substantial loss of value to collectible stamps and coins. C. It covers injury to an employee, as well as attendees, arising out of day care operations Section II covers the neighbor's medical expenses and property damage losses. Today, it's replacement value is $60K. 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. C. homes 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 commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. Which of the following is not an option available to Laura? 1 Choose the false statement regarding the coverage of property under a Homeowners Policy. Which statement is correct about these forms? 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. A. affective events theory Which of the following is true regarding an unendorsed HO-4 (tenants form)? Also known as. Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. D. Lumber in the insured's yard to be used to build a deck off the kitchen. Property damage of another caused by the insured, The comprehensive HO-5 policy is a _____ perils contract on personal property, structures on the premises set apart from the dwelling by a clear space, What is not covered by coverage B - other structures, - does not cover other structures rented to others for other than a use as a private garage Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. Which statement is true concerning Coverage D of the Homeowners Policy? Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. C. golf clubs B. The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. A. birthday gifts Which type of liability limit applies to Medical Payments coverage? A rare and expensive gun was stolen from it. Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. claim expenses Under the HO-4 and HO-6, personal property is covered on which basis? Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. How much did Molly's insurance company pay to the mortgagee? B. Insects and vermin A standard homeowners policy typically includes coverage for: Homeowners policies typically pay a percentage of your dwelling coverage limit to repair or replace your clothes, furniture, and other personal property. B) cost to have the dog put to sleep. replacement cost coverage is available by endorsement, for an additional premium. Coverage A under the Homeowners Policy includes coverage for which of the following? D. Coverage is provided to property of boarders not related to the insured, Under Coverage A of the Homeowners Policy, all of the following are covered, except: D. Coverage F limits are subject to a deductible. includes: She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. 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. A. Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. Debris removal riot Property in transit. All of the following are true, except: Open perils coverage is available by Endorsement for scheduled items at an additional premium. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? motorized wheelchairs It includes various perils outside your typical dwelling coverage. The insurer can do this because losses to personal property are settled on what basis? A Homeowners Policy will not cover theft of a boat away from premises Which of the following is true regarding the HO-3 (Special Form)? A. inland marine The following options are available to the insurer EXCEPT: Pay the total cash value of the pair of earrings prior to the loss divided by two. C) Scheduled personal property endorsement. According to Menger, what was the main concern of individuals in early trade situations? 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? B. B. Definition. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. In some situations, property owned by others may also be covered under a standard policy. Texas Department of Insurance. An insurer is not required to accept any property that an insured has. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. 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. Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. Two years ago, the insured bought the home for $58K. A. A Personal Articles Floater: Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? 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. Scheduled personal property coverage is an endorsement you can add to your home insurance. Structures that are set apart from the dwelling by a clear space Of the following statements concerning Homeowners policies, which is correct? Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? Mr. Conrad lives on the second floor of a duplex he bought. A. D. Coverage D of a Homeowners Policy covers additional living expenses. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. 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. 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. Well not relieve the insure of its policy obligations \end{array} 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 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. The Home Day Care endorsement does not provide which of the following? The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. Fair market value Choose the true statement concerning Homeowners Policies. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Coverage does not apply to property damage covered under Section I of the policy. fire dept service charge 7 Q An insured's home is covered by a DP-3. D. a good mood. Physicians and Surgeons Floater C. A hovercraft B. Dwellings under construction are covered for theft B. actual cash value, The least likely method of payment for loss under a Floater is: C. furs and jewelry Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Accessed Oct. 15, 2021. Which of the standard homeowners policies includes malicious mischief as a named peril? Which of the following is true regarding eligibility of a Homeowners Policy? Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. }\\ \end{array} While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. Some possessions covered by a scheduled personal property endorsement include jewelry, coin collections, postage stamps, furs, antiques, guns, fine arts, silverware, and other items whose value exceeds what your regular homeowners policy covers. Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? Learn about what is typically covered in a renters policy and additional coverages you may want to consider. Losses to dwellings and other structures are paid at replacement cost. A. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. Bicycle floater The endorsement provides replacement cost coverage on certain building items that are expressly excluded from the replacement cost coverage applicable to buildings: awnings, carpeting, household appliances, outdoor antennas, and outdoor equipment, in addition to replacement cost coverage on personal property. A. Kevin is looking for a job as a piano technician. A model airplane Vandalism and malicious mischief losses are excluded under the Homeowners Policy: When the property has been vacant for 60 consecutive days - Since vacant property possesses a higher susceptibility to being vandalized, the policy excludes vandalism coverage when insured homes are vacant for 60 days or longer. A. What homeowners form would be most appropriate for their insurance needs? Fred and Sharon live in an older home whose replacement cost far exceeds its market value. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. A. However, there are still a couple of issues to note when using a form such as the HO 04 61 (05 11)Scheduled Personal Property Endorsement. The different classes of property that are eligible for coverage . What definition in the homeowners policy describes Beatrice's activities as a hairdresser? trees, shrubs, plants Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. What is the ppp-value? He keeps a considerable amount of cash and other valuables on him and around his home. A. Personal property is covered worldwide. What are the main advantages to the insured if the homeowners policy is a package policy? D. A speaker system installed in the insured's car. 45 What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? D. Contractor's Equipment Floater, Inland Marine will NOT cover: D. jewelry, A dry cleaner delivering clothes to customers should get: B. mariners lawnmowers, Bodily injury to others Coverage D of a Homeowners Policy includes loss of income from an incidental business \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. However, which type of property is covered? B. Insects 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. D. either basic or broad, Which Floater is written on a valued basis?

Top 10 Rarest Elements In The Universe, Smoking Areas At Old Key West Resort, Articles T