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Debris removal An insurance deductible doesnt apply to this coverage. In some situations, property owned by others may also be covered under a standard policy. 7 Q An insured's home is covered by a DP-3. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? Michael and Tricia have spent much time and money to landscape their property. B. He has a homeowners policy and wonders if it covers the business equipment. Determine the number of times interest charges are earned for 2014 and 2013. C) Coverage C--Personal property increased limits. Laura's insurer paid $10,000 claim to reproduce the missing earring. replacement cost coverage is available by endorsement, for an additional premium. 45 A. D. Contractor's Equipment Floater, Inland Marine will NOT cover: What does the representative tell them? A Homeowners Policy will not cover theft of a boat away from premises \end{array} Record every valuable possession in your house and copy the serial numbers. 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. inherent vice Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . D. It covers injury to attendees while loading or unloading them from draft or saddle animals. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Property in transit. the maximum amount of coverage that can be written on any single dwelling is $25,000. His insurance agent suggests that he add which endorsement to adequately cover his watch? A. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. 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. Natalie offers to rent a room in her home to a local college student. A. A. Liability - Section I of the Homeowners Policy contains the Property Coverages. Special coverage for jewelry and other valuables - III 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. How Much Homeowners Insurance Coverage Do I Need? D. commercial buildings. Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance 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. The cause is determined to be a defect in the grill. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. 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. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except Section II covers the neighbor's medical expenses and property damage losses. Structures rented to someone who is not a tenant for use only as a private garage. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. D. jewelry, Inland Marine covers: Damage to Property of Others coverage is provided up to a specified limit regardless of negligence A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. Which of the following would not be included in the meaning of 'insured' in a homeowners 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. This year, $500,000\$ 500,000$500,000 is to be distributed. Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. Damage to these items is not covered if caused by. The coverage limit for jewelry is $10,000 (no per-item limit) and is subject to the policy deductible (the amount you'll have to pay before insurance coverage kicks in). C. $250 C. golf clubs Policyholders receive a full copy of their policy, which usually runs at least 20 pages. 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. The required reserve ratio is 10 percent. Learn more about how endorsements can affect your coverage. 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} Which statement is correct? Which statement is true concerning Section II of a Homeowners Policy? A. A. B. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. . B. B. stamp and coin collections Chapter 4: Homeowners Flashcards | Quizlet Which endorsement would have provided a better loss settlement? As an example, your policy may state that it will cover a maximum of $1,500 for losses of watches, precious stones, and other jewelry. Property & Casualty Flashcards by Elizabeth Brandt | Brainscape D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. Fair market value D) An insured, an agent, an insurer and a claim. Under an HO-3 policy, what is the coinsurance requirement? detached shed from which a tool repair business is operated. A. Dwellings under construction are covered for theft Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ Kevin is looking for a job as a piano technician. Bart keeps a dog that is known in the neighborhood to be vicious. A. A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. In what type of home does Mrs. Zabinski live? Under the holdback requirement of a homeowners policy, the insurer must pay only the actual cash value of the loss until the actual repair or replacement is completed, subject to one exception. 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. Protection extends to additional types of loss above that covered by the homeowner's policy. A. Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. B. fine art What is the difference in the weekly salaries of these two jobs? Cater pillar I nc. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Accessed Oct. 15, 2021. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage An employee whose duties are related to the maintenance of the residence premises, is defined as which of the following under Section II of the Homeowners Policy? B) cost to have the dog put to sleep. A. civil commotion What Does Homeowners Insurance Cover? | The Zebra American Family Insurance. Theft from a dwelling under construction prior to its occupancy Question 54 of 63 The factors involved in location decisions include. 1 C. furs and jewelry What Is an Insurance Endorsement? Under what section of her homeowners policy is the pool insured, if at all? Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. Derek's agent tells him. B. D. Coverage D of a Homeowners Policy covers additional living expenses. A. 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. 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. Under an HO-2 policy with a coverage limit of $50,000 on the dwelling, what is the amount of personal property coverage that would be available? D. Lumber in the insured's yard to be used to build a deck off the kitchen. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. Damage arising out of the insured's business pursuits $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. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. 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. Which of the following is true regarding Section II of the Homeowners Policy? 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. trees, shrubs, plants P & C Licensing Exam Flashcards | Chegg.com Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. After cooking dinner, he turns off the gas to the grill. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. D. Installation Floater, Tourist luggage is insured by which floater? A. Detached private structures on the residence premises B. The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. 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. Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. C. The insured's tenant 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. She purchased the necessary lumber and it's piled in her back yard. What is it? How does the homeowners policy limit coverage for these types of property? Another job he found has a weekly salary of $1,120. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. Personal property on most policies include clothing, shoes, furniture,appliances, and other items. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. A Fine Art Floater: Scheduled personal property coverage is an endorsement that you can add to your home insurance policy to raise coverage limits for high-value items to ensure all of your belongings are fully protected no matter how or where they're damaged. What homeowners form would be most appropriate for their insurance needs? The right of privacy was not acknowledged as a separate right until the 1960s. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. B. imports and exports replacement cost coverage is available by endorsement, for an additional premium. Commercial floaters cover: She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. What is covered by standard homeowners insurance? | III Scheduled Personal Property For Your Valuables | Hippo Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? Physicians and Surgeons Floater & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ A. B. B. Under your standard coverage, expensive jewelry, firearms, and furs may not be sufficiently covered scheduled personal property coverage can insure these items up to their full value. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: Caterpillar had no preferred stock outstanding. Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. They would not recover their loss in full because they were not insured to value. A. a duplex that is owner-occupied Coverage D of a Homeowners Policy includes loss of income from an incidental business An insurer has this option, because Bridget's homeowners policy has a repair or replace option, Derek insures his home on an HO 3 policy. 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. lightning Which form is designed for the unit-owner of a condominium? Describe five common fees assessed on credit card accounts and how they can be avoided. B. imports They want to buy insurance to cover their personal property and protect them against liability claims from third parties. The land on which the dwelling is located The assigning of the value of the insuredproperty will vary by the insurance provider. 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? B) cost to have the dog put to sleep. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. 70% of the replacement cost. fences Scheduled Personal Property Definition - Investopedia Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. 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) Scheduled personal property endorsement. On wet pavement, the standard deviation of stopping distances is 32 feet. What is the average rate at which the clerk sorts mail during the first 3 months on the job? D. Damage to property owned by the insured's tenant. Broad perils coverage - These two Forms provide Broad Form Perils Coverage. Liability coverages are set forth in Section II of the Policy. Homeowners Policies Flashcards | Chegg.com B. Accessed Oct. 15, 2021. Note: We don't currently offer the ability to schedule property, but stay tuned! C. all-risk A. Animals, birds, fish Which of the following statements about coverage under the federal flood insurance . D. provides named peril coverage. Which of the standard homeowners policies includes malicious mischief as a named peril? The extent to which a person feels enthusiastic, active and alert is known as ________. 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. chapter 12 p and c course Flashcards | Quizlet If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. C) No coverage is available. Inherent vice Which statement is false? The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement D. Section I limits coverage on utility trailers up to $500 The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Personal property is a class of property that can include any type of asset other than real estate. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? 1,500 for jewelry; $2,500 for theft of firearms. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. PERSONAL INLAND MARINE - The Rough Notes Company Inc. Which floater covers works of art sold by an art gallery on a consignment basis? Coverage D of a Homeowners Policy includes loss of income from an incidental business A. replacement cost Your company has 120,000120,000120,000 shares of cumulative preferred stock that pays dividends at $30.25\$ 30.25$30.25 per share and 200,000200,000200,000 shares of common stock. 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. 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 What are the implications of your statistical conclusions in terms of driving safety recommendations? She wonders what the endorsement does. motorized wheelchairs 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. A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. Charles Munyi has over eight years of experience as a personal finance writer. Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? The markings on the door did not permanently damage it but the door required cleaning and minor repair work. intended use 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. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. B. The insurance company says it will replace the watch instead of making a loss payment. For more jewelry. Select the person who is not considered an insured under an HO-3 policy? Her agent recommends a. STANDARD HOMEOWNERS ENDORSEMENTS - Insurance Coverage Law Center The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? $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 For example,traditionalcoverage may cover the loss from a fire or theft. explosion B. Dwellings under construction are covered for theft 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. Which statement is true concerning Section II of a Homeowners Policy? A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. Home Replacement Cost vs Actual Cash Value | Allstate Which would NOT purchase a bailee's floater? Power failure, A dwelling policy covers all types of personal properties listed except B. Losses to dwellings and other structures are paid at replacement cost. What definition in the homeowners policy describes Beatrice's activities as a hairdresser? These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. Choose the true statement concerning Homeowners Policies. C. Vermin D) Personal property replacement cost endorsement. Molly's claim for damages under Coverage A of her policy was $200,000 and her claim for damages under Coverage C was $150,000. B. provides all-risk coverage. "Personal Property Home Inventory." C. is an unscheduled blanket policy. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. Gabriella lives in a multi-unit dwelling. The preferred stockholders are also due to receive dividends in arrears for one year. 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. Home schooling is covered under a Homeowners Policy A) 5% of the Coverage A limit. C. fine art Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? Dave has a homeowners insurance policy. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. What definition in his homeowners policy describes his home? What is Scheduled Personal Property? | Allstate However, there are limits for the coveragevalue for eachitem. 13 Q Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. 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.

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