the scheduled personal property endorsement quizlet

13 Q A. broad STANDARD HOMEOWNERS ENDORSEMENTS - Insurance Coverage Law Center The assigning of the value of the insuredproperty will vary by the insurance provider. Installment Sales Floater What is the ppp-value? Including debris removal, what is the maximum an HO-3 policy with a Coverage A amount of $250,000 will pay If a detached garage burns down? 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. C. buildings D. commercial buildings. fences Question 54 of 63 Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. At a .05 level of significance, do the sample data justify the conclusion that the variance in stopping distances on wet pavement is greater than the variance in stopping distances on dry pavement? 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 Special coverage for jewelry and other valuables - III 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. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence Inherent vice Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. explosion Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. You also have up to $500 of coverage for unauthorized use of your credit cards. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. The cause is determined to be a defect in the grill. 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. B) Special property limits. 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. Insurer investigation expenses are in addition to the limits stated in Coverage E A. covers inherent vice. 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? D. either basic or broad, Which Floater is written on a valued basis? A. barratry The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. D. The Damage to Property of Others duplicates coverage that is included in Section I. CH 24 rsk mgmt Flashcards | Chegg.com Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Section II covers the neighbor's medical expenses and property damage losses. A. A. fur coats C. Borrowed property meets the definition of contents To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises A. What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? Learn about what is typically covered in a renters policy and additional coverages you may want to consider. All of the following definitions are true of a Homeowners Policy, except: These duties include household and domestic services, such as those of a gardener or nanny. A. A HO-3 policy provides coverage on which basis? B. stamp and coin collections What definition in the homeowners policy describes Beatrice's activities as a hairdresser? Scheduled Personal Property Endorsement - Insuranceopedia.com 1,500 for jewelry; $2,500 for theft of firearms. DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. B. The land on which the dwelling is located --- While vacant land is included in the definition of 'insured location,' for the purposes of liability coverage, no property coverage is provided for land under the Homeowners policy. Marc and Nancy insure their home for $300,000 with a homeowners policy. 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. C. It covers injury to an employee, as well as attendees, arising out of day care operations fire Water Damage (Excluded from all homeowners policies), Supplementary payments of the homeowners policy section 2 are paid, Which of the following losses would be 100% covered under Coverage C-personal property, A $1,250 fur coat that was stolen from the premises, Material misrepresentation by the insured requires & Substantial change in risk insured requires. Scheduled personal property endorsement Crew of ships are covered by the? "Homeowners Insurance Guide." Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? Cater pillar I nc. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? Property damage coverage included damage from insects, weathering, and wear and tear. A Special personal property. 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. how would a loss be adjusted under a homeowners policy with an insurance-to-value clause if a homeowner failed to carry coverage of at least 80% of the replacement cost of the home? Another job he found has a weekly salary of $1,120. Power failure, A dwelling policy covers all types of personal properties listed except Get home insurance quotes for scheduled personal property coverage Compare rates All of the following statements is correct about a Homeowners Policy, except: Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Both the cemetery plot and greenhouse are located at the residence premises. How can government use taxes to reallocate the use of resources in the economy? CA Personal Lines Flashcards The coverage for Damage to Property of Others excludes property that is covered in Section I 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. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Round to one decimal place. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? B. provides all-risk coverage. A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. In addition, it provides personal liability coverage. B. negative state affect When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: keep the $10,000 loss payment and the recovered property. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. Throwing cargo into the sea to save a sinking ship is: D) An insured, an agent, an insurer and a claim. 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. sailboats A. a duplex that is owner-occupied 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. 1 The policy details the dollar amount for the standard coverage of various categories. damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type 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. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. The Home Day Care endorsement does not provide which of the following? . 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. Costs the insured was already paying before incurring the loss are not covered. C. Medical payments will pay for a maximum of 1 year from the date of the accident 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. C. Home schooling is permitted under a Homeowners Policy Coverage D of a Homeowners Policy includes loss of income from an incidental business C. insect damage 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. 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: Open perils coverage is available by Endorsement for scheduled items at an additional premium. Open perils -- The HO-5 is the broadest policy providing open perils coverage on Coverages A, B, and C. Which person is not a covered resident under the Homeowners Policy? Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. An insured has how many days grace period to get most Floater items scheduled? 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? Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. D. Damage to property owned by the insured's tenant. C. $250 The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? For more jewelry. The stone could be replaced for $1,700. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured Coverage does not apply to property damage covered under Section I of the policy. The election process for the Academy Awards (for films) involves several stages and several different voting methods. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. 45 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. A. PDF Endorsement Ho 04 61 Scheduled Personal Property D. Coverage D of a Homeowners Policy covers additional living expenses. 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. \end{matrix} Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? Money is covered up to $500 per occurrence - The limit on money is $200. The dwelling on the residence premises Debris removal 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. C. Contractor's Equipment Floater Does Homeowners Insurance Cover Damaged or Lost Jewelry? Your insurance companys underwriting team will review and get back to you with the status of your request. D. Coverage F limits are subject to a deductible. A. Detached private structures on the residence premises includes: Chapter 13 - Businessowners Coverage Form, Chapter 12 - Miscellaneous Commercial Policies, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. A. jewelry salesperson's sample case A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. replacement cost coverage is available by endorsement, for an additional premium. Which of the following is not an Additional Coverage on the homeowners policy? What Is an Insurance Endorsement? NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. Retrieve copies of either the receipts or appraisals of each item. D. Coverage D of a Homeowners Policy covers additional living expenses. 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. What is the amount of the dividend s in arrears? detached garages One day the dog attacks a neighbor while she is working in her own yard. A rare and expensive gun was stolen from it. His insurance agent suggests that he add which endorsement to adequately cover his watch? Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. Which of the following would not be eligible to purchase a Homeowners Policy? How would a covered loss to their home be settled or adjusted? C. stated value chapter 12 p and c course Flashcards | Quizlet What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? B. Broad perils coverage - These two Forms provide Broad Form Perils Coverage. riot 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. It provides Commercial General Liability coverage for the day care operation A. cattle shipped to market D. Lumber in the insured's yard to be used to build a deck off the kitchen. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? Her jeweler will reproduce the lost earring for $10,000. On what form is Albert's homeowners policy written? A Homeowners Policy will not cover theft of a boat away from premises D. A speaker system installed in the insured's car. Scheduled Personal Property Definition - Investopedia By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. 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. Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. According to Menger, what was the main concern of individuals in early trade situations? 80% of the replacement cost. 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. What should their agent tell them? Chapter 8 Flashcards by Antonio Abarca | Brainscape A. B. A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. Damage arising out of the insured's business pursuits Record every valuable possession in your house and copy the serial numbers. & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ A. A. What is Scheduled Personal Property? For a homeowners policy, which one of the following statements about insuring personal property normally kept at a residence other than the residence premises is CORRECT? 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. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. What Is Personal Property Coverage? | Allstate Which of the following is true regarding an unendorsed HO-4 (tenants form)? After cooking dinner, he turns off the gas to the grill. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ A. C. The dwelling on the insured premises, plus any structures that are attached to the dwelling Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. Advertisement Scheduled personal property coverage is an endorsement you can add to your home insurance. A better solution. A typical homeowners policy does not cover. 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. fire dept service charge 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. A floater can be used to insure each of the following except: The most common perils covered by an HO-1 policy include: Fire or lightning Smoke Windstorms or hail Explosion Aircraft Vehicles Vandalism Theft Few homeowners have this type of policy. HO-3 is a comprehensive policy. American Family Insurance. 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. A Fine Art Floater: B. mariners An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. 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. Eloise installed an in-ground swimming pool in the back yard of her home. D. Territorial Limits. What is relocation diffusion in human geography? Personal Articles Floater When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? Damage caused intentionally by the insured's 10-year-old son lightning B. Tom and Ann have just bought a condominium for their residence. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? 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 What homeowners policy form would best suit the Tuttles' needs. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . A little later the grill explodes and damages Mac's home. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. It may provide protection in the event of a covered loss, such as theft or fire. A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. $0 With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following?