the scheduled personal property endorsement quizlet

Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. Costs the insured was already paying before incurring the loss are not covered. What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? D. Any person legally responsible for watercraft owned by an insured. D. a townhouse that is owner-occupied, Loss arising out of acts the insured expects or intends is excluded under both Coverage ___ and Coverage ___, What is true regarding personal liability coverage, It is added by endorsement to the dwelling policy, but automatically included in the homeowners policy, Coverage E - Personal Liability provides coverage to the insured if, a claim is made or a sit is brought against the insured for damages because of bodily injury to property damage to others, Additional coverages for coverage A for trees, shrubs, plants, or lawns, loss caused by: Personal property is a class of property that can include any type of asset other than real estate. Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. Structures that are set apart from the dwelling by a clear space \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. Covered up to 10% if kept at a location other than the main residence, True or False 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. How much did Molly's insurance company pay to the mortgagee? A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. C. Home schooling is covered under a Homeowners Policy Liability Coverages are set forth in Section II of the Policy. C. a home under construction that the owner intends to occupy Which of the following is true regarding Section II of the Homeowners Policy? A. Learn how coverage works. A. D. jewelry, A dry cleaner delivering clothes to customers should get: C. Fine art floater fences Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. What does the representative tell them? For instance, if you insure your home for $120,000 and your policy covers your personal property at 10%, your personal items will be insured for up to $12,000. A HO-3 policy provides coverage on which basis? riot As their agent, which homeowners coverage form should you offer them? A) damage to the neighbor's yard. D . 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. Caterpillar had no preferred stock outstanding. B) Special property limits. 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. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. B. negative state affect 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. 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. 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 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. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. Mrs. Delaney hired a contractor to build a deck on the back of her house. 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? B. The coverage for Damage to Property of Others excludes property that is covered in Section I In addition, it provides personal liability coverage. A. certificates Personal Articles 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. A Fine Art Floater: 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. After cooking dinner, he turns off the gas to the grill. Eloise installed an in-ground swimming pool in the back yard of her home. 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. Under an HO-3 policy, what is the coinsurance requirement? 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. If her ring is stolen, the insurer will pay (given a $250 deductible)? The court orders that the animal be put to sleep. 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. 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 A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. On what form is Albert's homeowners policy written? You may not realize the value of what you own until your home is damaged or vandalized. A. A Homeowners Policy will not cover theft of a boat away from premises An insurance endorsement is a change to your insurance policy, such as an addition of coverage. D. Damage to property owned by the insured's tenant. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. Functional Replacement Value - Functional replacement cost is the cost to replace the damaged property with property that performs the same function, but is not like-kind or quality. What are the main advantages to the insured if the homeowners policy is a package policy? aircraft 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. C. positive state affect After ttt months on the job, a postal clerk can sort Q(t)=700400e0.5tQ(t)=700-400 e^{-0.5 t}Q(t)=700400e0.5t letters per hour. Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. B) Scheduled personal property endorsement. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. What Is Personal Property Coverage? Coverage C: Personal Property The assigning of the value of the insuredproperty will vary by the insurance provider. Laura's insurer paid $10,000 claim to reproduce the missing earring. Question 54 of 63 B. 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. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? B. A. Dwellings under construction are covered for theft 45 Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. All of the following statements about the federal flood insurance program are true EXCEPT. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ A. is the worlds leading manufacturer of construction and mining equipment. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. 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. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. Personal Articles Floater, Inland Marine policies are called? A rare and expensive gun was stolen from it. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. 150,000 to Carole and $75,000 each to Sandra and Lynn. B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. A. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. Which of the following is not covered if the insured has broad peril coverage? A. warehouses Damage to these items is not covered if caused by. Today, it's replacement value is $60K. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? D. Camera floater, Which floater may be used to cover office equipment and furniture? When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? Also known as. Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. A. B. Insects and vermin The insurance company says it will replace the watch instead of making a loss payment. The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. B. mariners B. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. True or False? Scheduled personal property. storage shed. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. Definition. 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. Tom and Ann have just bought a condominium for their residence. 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. 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. George just returned from Europe with a beautiful Swiss watch valued at $10,000. claim expenses B. D. Medical payments coverage is available for the insured and resident relatives. 70% of the replacement cost. reasonable repairs Which statement is true concerning Coverage D of the Homeowners Policy? Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . A. replacement cost C) the neighbor's medical expenses. Renters insurance can do more than help protect your property. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? The land on which the dwelling is located These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. Marc and Nancy insure their home for $300,000 with a homeowners policy. A. a stated value basis. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ }\\ A) Coverage C--Personal property. The cause is determined to be a defect in the grill. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. D. floaters, Each of the following is covered by Inland Marine EXCEPT: sailboats B. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: C) Scheduled personal property endorsement. A. | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Advertisement Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Joaquin wants both property and liability insurance in one policy. C. Contractor's Equipment Floater $100 Commercial floaters cover: Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. `Lisa lost one of her emerald earrings. Mr. Conrad lives on the second floor of a duplex he bought. A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. What do you tell her? D. loading docks and cattle shipped to market, All-risk policies cover: Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. - all relatives of the named insured who live in the same household A. jewelry salesperson's sample case 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. D. Installation Floater. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? Physicians and Surgeons Floater A. Scheduled personal property is optional coverage you can add to your standard homeowners insurance policy to cover more risks and increase coverage limits on some high-value items. B. provides all-risk coverage. The Home Day Care endorsement does not provide which of the following? Describe the procedure and comment on its fairness. D. Coverage D of a Homeowners Policy covers additional living expenses. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. B. A. barratry Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. All of the following definitions are true of a Homeowners Policy, except: D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? An endorsement can settle personal property losses on a replacement cost basis. Which of the following is not an option available to Laura? Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. A. affective events theory \end{array} 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. furniture They want to buy insurance to cover their personal property and protect them against liability claims from third parties. A) 5% of the Coverage A limit. Which statement is correct about these forms? Which of the following is true regarding eligibility of a Homeowners Policy? The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. The homeowners policy contains which of the following types of insurance coverage? HO-3 is a comprehensive policy. A windstorm damages Tyrone and Belinda's garage and screened-in porch. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. 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. Relatives of the named insured, meaning they are related by blood, marriage, or adoption Fred and Sharon live in an older home whose replacement cost far exceeds its market value. A. \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. & \$74,850.00\\ The election process for the Academy Awards (for films) involves several stages and several different voting methods. Which of the following is not true concerning Section II of the Homeowners Policy? Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. detached garages On wet pavement, the standard deviation of stopping distances is 32 feet. She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. 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.

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