Which of the following is not an Additional Coverage on the homeowners policy? Dave has a homeowners insurance policy. 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. What are the main advantages to the insured if the homeowners policy is a package policy? The Damage to Property of Others duplicates coverage that is included in Section I ---- The Damage to Property of Others Additional Coverage supplements the Property Damage Liability Coverage by providing limited Coverage for damage, caused by the insured, regardless of negligence. 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 Water damage Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. What definition in the homeowners policy describes Beatrice's activities as a hairdresser? Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises What Is Scheduled Personal Property? - The Balance A. Accessed Oct. 15, 2021. Retrieve copies of either the receipts or appraisals of each item. Scheduled Personal Property For Your Valuables | Hippo 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. Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises Property and Casualty Flashcards | Chegg.com Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. C) No coverage is available. 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. Inherent vice aircraft A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. C. a leased warehouse 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? motorized wheelchairs $74,850.0035,798.00. A typical homeowners policy does not cover. What is Scheduled Personal Property? no, because there are more than 4 units in the dwelling. HO-3 Home Insurance Policy Breakdown | Homeowners Insurance Cover Property damage coverage included damage from insects, weathering, and wear and tear. B. imports and exports detached shed from which a tool repair business is operated. Members of the family under the age of 24 living at school away from the home A. breakage The HO-5 personal property coverages are insured on which basis? In some situations, property owned by others may also be covered under a standard policy. On a standard homeowners policy, coverage divides into categories including. furniture Both the cemetery plot and greenhouse are located at the residence premises. B. Which of the following is false in regard to the Home Day Care endorsement? Which of the following statements about coverage under the federal flood insurance . True or False? Property and Casualty Overall Test Flashcards | Chegg.com Which of the following would not be eligible to purchase a Homeowners Policy? This modifies the basis of loss settlement from ACV to replacement value. B. It offers "open perils" protection for your house and detached structures like garages, sheds, fences. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? C. exports . A. affective events theory Damage to Property of Others coverage is provided up to a specified limit regardless of negligence | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. Coverage D: Loss of Use, Coverage E: Liability A. P & C Licensing Exam Flashcards | Chegg.com 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. Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. B. fine art Tom and Ann have just bought a condominium for their residence. He is concerned that his homeowners policy will not provide enough coverage. Does Homeowners Insurance Cover Damaged or Lost Jewelry? B. Your clothing, appliances, furniture, and jewelry are all treated as personal property. Well not relieve the insure of its policy obligations Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. Fair market value The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. Michael and Tricia have spent much time and money to landscape their property. Describe five common fees assessed on credit card accounts and how they can be avoided. Determine the number of times interest charges are earned for 2014 and 2013. The stone could be replaced for $1,700. Cater pillar I nc. Losses to dwellings and other structures are paid at replacement cost. C. Inherent Vice Other named peril losses are covered up to the Coverage C limit. Which of the following would not be included in the meaning of 'insured' in a homeowners policy? Of the following statements concerning Homeowners policies, which is correct? Unscheduled personal property refers to items that are covered by personal property coverage but have not been specifically itemized; these items are subject to the standard coverage limits. B. Insects and vermin Which of the following additional coverages is only included in certain homeowners forms? 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. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. theft, Additional coverages found in all homeowners forms include, Debris removal 45 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: 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. Bodily injury sustained by an employee in the course of employment, damage arising out of boats rented to others, and damage arising out of watercraft being operated in a race are not covered. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. B. Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. Natalie offers to rent a room in her home to a local college student. Determine the earnings per share for Years 13. 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. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. B) Scheduled personal property endorsement. D) Personal property replacement cost endorsement. Structures rented to someone who is not a tenant for use only as a private garage. Which statement is true concerning Section II of a Homeowners Policy? lawnmowers, Bodily injury to others A. certificates All of the following definitions are true of a Homeowners Policy, except: B. covers private art works. B. a mobile home that is owner-occupied A. 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. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. 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. (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. pools D) Personal property replacement cost endorsement. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. 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. An endorsement can settle personal property losses on a replacement cost basis. A. Understanding Home Insurance | Mass.gov What Is an Insurance Rider in a Homeowners Policy? | Allstate "Scheduled Personal Articles Insurance Coverage." C. Borrowed property meets the definition of contents A Quick Guide on How to Insure Jewelry - Investopedia A. One classified ad lists a job that pays 64.6K. 80% of the replacement cost. 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. War Marilyn and Dan live in an apartment. A. barratry What does the representative tell them? 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. Medical payments coverage is available for the insured and resident relatives. A) 5% of the Coverage A limit. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. Scheduled personal property endorsement. How much did Molly's insurance company pay to the mortgagee? 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. Structures that are set apart from the dwelling by a clear space 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. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ What endorsement do you recommend? All of the following statements about the federal flood insurance program are true EXCEPT. D. jewelry, A dry cleaner delivering clothes to customers should get: B. inherent vice 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. A. Under what coverage part of her homeowners policy is the lumber insured? Medical payments coverage is not available for a residence employee Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. Derek's agent tells him. He has a homeowners policy and wonders if it covers the business equipment. Renters Insurance Coverage and Policies | Allstate Renters insurance can do more than help protect your property. C. Coverage is not provided to a garage rented for private garage purposes The required reserve ratio is 10 percent. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? What coverage on her homeowners policy will pay for the necessary increase in living expenses she incurs because of her evacuation by a civil authority? Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Personal property is covered worldwide. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. A. jewelry salesperson's sample case Which of the following homeowners policies covers tenants or renters? Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: What Is Personal Property Coverage? | Allstate The HO 2 insures all property on a named perils basis while the HO 3 insures real property on an open perils basis and personal property on a named perils basis. D. leased buildings, Each of the following is a Personal Floater EXCEPT: B. Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. George just returned from Europe with a beautiful Swiss watch valued at $10,000. An insurer may not be sued unless the insured has fully complied with the terms of the homeowners policy and the suit is brought within how many years of the loss date? You may not realize the value of what you own until your home is damaged or vandalized. Advertisement ), $74,850.0035,798.00\begin{array}{r r} Section II covers the neighbor's medical expenses and property damage losses. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. 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. She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. fire What Is an Insurance Endorsement? | Allstate As their agent, which homeowners coverage form should you offer them? Wisconsin Office of the Commissioner of Insurance. C. The insured's tenant keep the $10,000 loss payment and the recovered property. personal property of roomers or boarders is excluded under the homeowners policy. What should their agent tell them? Customer Bailee Floater He keeps a considerable amount of cash and other valuables on him and around his home. 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. If her ring is stolen, the insurer will pay (given a $250 deductible)? Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Kevin came home from work to find that his house had been vandalized. Of the following statements concerning Homeowners policies, which is correct? Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. detached garages C) the neighbor's medical expenses. $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 In addition, it provides personal liability coverage. 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. B. A. In addition, Birinyi Associates identified Caterpillar as one of the top five companies to repurchase their own shares in a recent year.12 Three recent years of earnings and average common shares outstanding data for Caterpillar are as follows (in millions): Year3Year2Year1Netincome$3,695$3,789$5,681Averagenumberofcommonsharesoutstanding617.2645.2652.6\begin{array}{lrrr} B. What definition in his homeowners policy describes his home? Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Scheduled personal property. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? Chapter 8 Flashcards by Antonio Abarca | Brainscape It may provide protection in the event of a covered loss, such as theft or fire. Damage to these items is not covered if caused by. Accessed Oct. 15, 2021. vandalism and malicious mischief D. either basic or broad, Which Floater is written on a valued basis? C. stated value Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. Animals, birds, fish A. inland marine American Family Insurance. Definition. C. buildings How can government use taxes to reallocate the use of resources in the economy? Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Learn more about how endorsements can affect your coverage. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. D) Personal property replacement cost endorsement. 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? 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. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. 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. B. imports C) It is covered for up to 10% of the coverage C limit. 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 \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. \begin{matrix} 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. a warehouse Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. C. all-risk 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. What Does Homeowners Insurance Cover? | The Zebra The right of privacy was not acknowledged as a separate right until the 1960s. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence For more jewelry. However, there are limits for the coveragevalue for eachitem. PERSONAL INLAND MARINE - The Rough Notes Company Inc. 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. Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? A. Which floater covers works of art sold by an art gallery on a consignment basis? Laura's insurer paid $10,000 claim to reproduce the missing earring. $100 A. fur coats Renters Insurance Coverage and Policies | Allstate D . Coverage C: Personal Property Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. D) An insured, an agent, an insurer and a claim. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. A. 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. Kevin is looking for a job as a piano technician. 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. bridges owned by municipalities A. domestic transportation shipments How Much Homeowners Insurance Coverage Do I Need? A. warehouses C. Installation Floater C. Home schooling is permitted under a Homeowners Policy Note: We don't currently offer the ability to schedule property, but stay tuned! D. Coverage F limits are subject to a deductible. D. Damage to property owned by the insured's tenant. The diamond fell out of its setting and was lost. Which of the following is true regarding an unendorsed HO-4 (tenants form)? The coverage for Damage to Property of Others excludes property that is covered in Section I C. Medical payments will pay for a maximum of 1 year from the date of the accident Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. C. Damage to property owned by the insured A better solution. The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. Scheduled personal property works in two ways: increasing policy limits to cover more expensive items and protecting these items from a more significant number of . Which of the following Coverages is not found under Section I of the Homeowners Policy? The peril causing this loss is malicious mischief. A. a duplex that is owner-occupied However, he worries that loss to his personal property will be adjusted on an actual cash value basis. 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 The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. 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. Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. Homeowners' Endorsements- the Details Make the Difference Question 54 of 63 Personal Property Replacement Cost Loss Settlement. In what type of home does Mrs. Zabinski live? 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. Which of the standard homeowners policies includes malicious mischief as a named peril? The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. The factors involved in location decisions include. The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not, The permitted incidental occupancy endorsement, Deletes exclusions in the policy pertaining to a business conducted on the resident premises Per person -- Medical payments coverage for all types of policies pays on a 'per person' limit, 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. 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. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 D. jewelry, Inland Marine covers: the maximum amount of coverage that can be written on any single dwelling is $25,000. (Round to the nearest cent. Mrs. Delaney hired a contractor to build a deck on the back of her house. Mr. Conrad lives on the second floor of a duplex he bought. Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: B) Special property limits. Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? What Does Homeowners Insurance Cover and Not Cover? 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. Describe the procedure and comment on its fairness. A. broad 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. D. commercial buildings. D. Coverage D of a Homeowners Policy covers additional living expenses. For instance, if your policys dollar limit is $4,000 for all your valuables but their total value exceeds that amount, youll need to purchase a scheduled personal property endorsement to have your valuables fully covered. They believed that they did not get enough for this property because the settlement was based on actual cash value. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. Physicians and Surgeons Floater B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results
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