the scheduled personal property endorsement quizlet

B. bridges owned by municipalities What Is an Insurance Endorsement? C. $250 Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. Learn more about how endorsements can affect your coverage. C. buildings A. subrogate the claim to seek recovery from the manufacturer. A. Fred and Sharon live in an older home whose replacement cost far exceeds its market value. Which of the following is not an Additional Coverage on the homeowners policy? Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? for landlord . Laura's insurer paid $10,000 claim to reproduce the missing earring. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? A. barratry 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. 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. B. Dwellings under construction are covered for theft The election process for the Academy Awards (for films) involves several stages and several different voting methods. 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. 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. Which of the following is not covered if the insured has broad peril coverage? Under an HO-3 policy, what is the coinsurance requirement? For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. 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. Chloe moved from a spacious home to a smaller condo unit and stored some of her furniture in an off-premises storage unit. 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. Caterpillar had no preferred stock outstanding. With scheduled personal property, you also. C. stated value The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. D. a good mood. A. breakage theft, Additional coverages found in all homeowners forms include, Debris removal 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. 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. fire Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. 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. Which statement is correct? Which of the following is true regarding eligibility of a Homeowners Policy? D) Personal property replacement cost endorsement. In what type of home does Mrs. Zabinski live? What is the average rate at which the clerk sorts mail during the first 3 months on the job? coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. The Watercraft Liability endorsement provides which coverage? $$ 7 Q An insured's home is covered by a DP-3. What limitations, if any, apply to cash and securities? B. D. Any person legally responsible for watercraft owned by an insured. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? By purchasing the right insurance policy, you may be able to protect yourself from the financial costs of unforeseen losses, such as fire and natural disasters, frozen pipes, or even burglaries. How can government use taxes to reallocate the use of resources in the economy? A standard homeowners insurance policy covers your personal property up to a specific limit. Both the cemetery plot and greenhouse are located at the residence premises. It includes various perils outside your typical dwelling coverage. & \$74,850.00\\ - &35,798.00\\ \hline Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Which of the following would not be included in the meaning of 'insured' in a homeowners policy? How big are the banks excess reserves? 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. 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. Liability Coverages are set forth in Section II of the Policy. B. provides all-risk coverage. An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. B) Special property limits. 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. Which of the following would not be eligible to purchase a Homeowners Policy? C. furs and jewelry If the shrubs in front of a house burn when the house catches fire, how much is the insured entitled to recover for the shrubs under his HO-3, 5% of the limit of Coverage A with a maximum of $500 for any 1 shrub, In the HO-4 and HO-6, the limit for trees, shrubs, or plants is __% of the coverage C limit or a maximum of $___ for one tree, plant, or shrub. He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. Coverage D of a Homeowners Policy includes loss of income from an incidental business C. golf clubs An endorsement can settle personal property losses on a replacement cost basis. A. Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. Personal Property Replacement Cost Loss Settlement. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. Each insurance company will value your personal property differently. all of the following are special personal property limits under a homeowners policy EXCEPT: a. A. C. a leased warehouse 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. Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. 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. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? It extends Section II coverages to the insured's home day care business --- The Home Day Care Coverage Endorsement extends the coverage of the Homeowners Section II to the Day Care Business. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ Which of the following is not one of these duties? B. inherent vice Mac's homeowners policy pays for the damage to the home and grill. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. It offers "open perils" protection for your house and detached structures like garages, sheds, fences. A Special personal property. Coverage C: Personal Property Physicians and Surgeons Floater A Fine Art Floater: B. negative state affect Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Natalie offers to rent a room in her home to a local college student. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. The extent to which a person feels enthusiastic, active and alert is known as ________. 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. 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. Mr. Conrad lives on the second floor of a duplex he bought. In some situations, property owned by others may also be covered under a standard policy. As their agent, which homeowners coverage form should you offer them? The earthquake endorsement is attached to Paulina's homeowners policy. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. You can add this endorsement to either a schedule or blanket farm personal property insurance plan to give you additional coverage from $5,000 to $100,000. What endorsement do you recommend? 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? A. replacement cost To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. D. Damage to property owned by the insured's tenant. trees, shrubs, plants A. C. Borrowed property meets the definition of contents 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. You may not realize the value of what you own until your home is damaged or vandalized. 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. A. D. Coverage F limits are subject to a deductible. Personal property on most policies include clothing, shoes, furniture,appliances, and other items. A scheduled personal property endorsement is an endorsement that allows certain property which might not be covered by a standard homeowners' insurance policy to be covered. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? A. golf clubs A. 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. C. Installation Floater Which statement is correct about these forms? On dry pavement, the standard deviation is 16 feet. What is his objection to actual cash value and what, if anything, can he do about it? Bicycle floater What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. personal property of roomers or boarders is excluded under the homeowners policy. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? B. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. fences C. A hovercraft Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: B. How much did Molly's insurance company pay to the mortgagee? D. jewelry, Inland Marine covers: A. covers inherent vice. 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. Today, it's replacement value is $60K. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. Which statement is true concerning Section II of a Homeowners Policy? A. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. Property such as electronics, firearms, business property, and watercraft may have limitations. D) damage to the neighbor's clothing. 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. pools A. birthday gifts Coverage D: Loss of Use, Coverage E: Liability The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. However, which type of property is covered? 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. D . He is concerned that his homeowners policy will not provide enough coverage. lawnmowers, Bodily injury to others Which of the following is not true concerning Section II of the Homeowners Policy? A. D. Camera floater, Which floater may be used to cover office equipment and furniture? B. Insects Payment of the actual cash value or a proportional share of the loss, whichever is greater, Averagenumberofcommonsharesoutstanding, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, CHM 101 Exam #3 Chapter 11 Lecture Notes From, Chapter 6 - Addiction Across the Life Span. $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. Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. C. It covers injury to an employee, as well as attendees, arising out of day care operations Retrieve copies of either the receipts or appraisals of each item. D. Installation Floater. B. A. ships' cargo Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. What is relocation diffusion in human geography? reasonable repairs Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? Tom and Ann have just bought a condominium for their residence. 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. inland marine D. loading docks and cattle shipped to market, All-risk policies cover: Scheduled Personal Articles Insurance Coverage, Other structures that are not attached to your house, including fences and storage sheds, Additional living expenses if you move out of your house (loss of use coverage), Medical bills for someone injured on your property. 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. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? Open perils coverage is available by Endorsement for scheduled items at an additional premium. Scheduled Vs. Unscheduled Personal Property Coverage | Grange Insurance Association Grange Insurance Association's (GIA) Annual Policyholder Meeting will be held on Monday, March 20, at 10:00 a.m. Dave has a homeowners insurance policy. Liability coverages are set forth in Section II of the Policy. detached garages Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. Get home insurance quotes for scheduled personal property coverage Compare rates While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. C. positive state affect D) Personal property replacement cost endorsement. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. The peril causing this loss is malicious mischief. The pair of earrings cost $15,000 and was recently valued at $20,000. 80% --- If Coverage A is less than 80% at the time of a loss to the dwelling, a penalty will be applied to the partial dwelling loss claim payment. Water damage D) Whatever it will reasonably cost. 30 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. What does the representative tell them? Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. All of the following would be included in the definition of 'insured location', except: A 5-family dwelling in which the insured lives in one of the units, including the structures and grounds ----Eligible residential dwellings are those containing one to four residential units and no more than 2 roomers or boarders per family. B. D. Coverage is not provided to a garage rented for private garage purposes. Gabriella lives in a multi-unit dwelling. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Learn how coverage works. ), $74,850.0035,798.00\begin{array}{r r} D. Lumber in the insured's yard to be used to build a deck off the kitchen. Your clothing, appliances, furniture, and jewelry are all treated as personal property. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. C. Payment under Damage to Property of Others is made regardless of negligence Under the HO-8 policy, the dwelling is valued on which basis? The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. 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. D. leased buildings, Each of the following is a Personal Floater EXCEPT: 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. - all relatives of the named insured who live in the same household C. 60 Learn about what is typically covered in a renters policy and additional coverages you may want to consider. B. an open perils (all-risk) basis. A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. The factors involved in location decisions include. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. A. buildings Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? Advertisement Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. D) Personal property replacement cost endorsement. D. Coverage D of a Homeowners Policy covers additional living expenses. 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. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy 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. All of the following are defined as insured locations under the Homeowners Policy, except: Farmland owned by the insured -- Farmland owned by the insured is not covered. One classified ad lists a job that pays 64.6K. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? A) Coverage C--Personal property. B. 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

Omaha News Missing Child, Bombers Fastpitch Shirts, Articles T