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the scheduled personal property endorsement quizlet

2023.03.08

Open perils coverage on the dwelling and broad form coverage on the personal property ---- The H0-3 provides open perils coverage on the dwelling, and Named Broad Form perils coverage on the personal property. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. 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. Kevin came home from work to find that his house had been vandalized. D. a good mood. A. Damage caused intentionally by the insured's 10-year-old son How Much Homeowners Insurance Coverage Do I Need? C. An attached garage Property damage coverage included damage from insects, weathering, and wear and tear. Of the following statements concerning Homeowners policies, which is correct? If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. 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. Personal Articles A. affective events theory Under the HO-4 and HO-6, personal property is covered on which basis? C. 60 $0 \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. Michael and Tricia have spent much time and money to landscape their property. 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? Renters insurance can do more than help protect your property. A. a duplex that is owner-occupied fences Damage to these items is not covered if caused by. The insurer can do this because losses to personal property are settled on what basis? What is the difference in the weekly salaries of these two jobs? Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. A windstorm damages Tyrone and Belinda's garage and screened-in porch. Round to one decimal place. The scheduled personal property endorsement provides open peril coverage C. Theft of silverware is covered up to $2,500 D. Money is covered up to $500 per occurrence Money is covered up to $500 per occurrence The limit on money is $200. Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. On what form is his policy written? A Personal Article Floater can cover: Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Learn more about how endorsements can affect your coverage. 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 Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. Another job he found has a weekly salary of $1,120. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence 30 Which of the following is not an Additional Coverage on the homeowners policy? B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? C. The insured's tenant Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . 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. D. Any person legally responsible for watercraft owned by an insured. Accessed Oct. 15, 2021. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? C) Coverage C--Personal property increased limits. 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. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. 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? Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. A. fur coats A better solution. Which homeowners insurance form is appropriate for Marilyn and Dan? A. The dwelling on the residence premises Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? 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. B. provides all-risk coverage. B. Two years ago, the insured bought the home for $58K. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. They believed that they did not get enough for this property because the settlement was based on actual cash value. B. 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. C. golf clubs 7 Q An insured's home is covered by a DP-3. Money is covered up to $500 per occurrence - The limit on money is $200. 80% of the replacement cost. Texas Department of Insurance. Derek's agent tells him. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises 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 stone could be replaced for $1,700. B. actual cash value, The least likely method of payment for loss under a Floater is: Which of the following is not true concerning Section II of the Homeowners Policy? For example,traditionalcoverage may cover the loss from a fire or theft. D. 90. storage shed. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. B. negative state affect C. furs and jewelry Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. The policy states that the insurance company will provide defense for the insured at the insurer's expense, even when the insured is not at fault. 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} 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? The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. C. Coverage is not provided to a garage rented for private garage purposes \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ Animals, birds, fish 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. In some situations, property owned by others may also be covered under a standard policy. Choose the true statement concerning Homeowners Policies. The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. 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. An endorsement can settle personal property losses on a replacement cost basis. B. imports Mr. Conrad lives on the second floor of a duplex he bought. Coverage may be increased beyond the $2,500 additional coverage (10.) \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Personal Articles Floater, Inland Marine policies are called? When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. Which would NOT purchase a bailee's floater? B. inherent vice C) The criminal, the crime, a police officer and a court of law. A. A. a stated value basis. civil commotion Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. On what form is Albert's homeowners policy written? D. loading docks and cattle shipped to market, All-risk policies cover: A. C. Vermin The preferred stockholders are also due to receive dividends in arrears for one year. Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? B. . Which of the following would not be included in the meaning of 'insured' in a homeowners policy? Caterpillar had no preferred stock outstanding. Coverage D of a Homeowners Policy includes loss of income from an incidental business It includes various perils outside your typical dwelling coverage. B. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. A. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. A. covers inherent vice. 1,500 for jewelry; $2,500 for theft of firearms. A. C. Medical payments will pay for a maximum of 1 year from the date of the accident A. 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. D) Personal property replacement cost endorsement. & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ Throwing cargo into the sea to save a sinking ship is: All of the following are true, except: Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: D) Whatever it will reasonably cost. \end{array} Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. B. A. Which of the following is true regarding the HO-3 (Special Form)? Coverage does not apply to property damage covered under Section I of the policy. Learn about what is typically covered in a renters policy and additional coverages you may want to consider. Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? Costs the insured was already paying before incurring the loss are not covered. The homeowners policy contains which of the following types of insurance coverage? The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. C. Home schooling is covered under a Homeowners Policy B. an open perils (all-risk) basis. The Watercraft Liability endorsement provides which coverage? An insurance deductible doesnt apply to this coverage. C. all-risk All of the following statements is correct about a Homeowners Policy, except: George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. According to Menger, what was the main concern of individuals in early trade situations? It offers "open perils" protection for your house and detached structures like garages, sheds, fences. Scheduled personal property endorsement. A research hypothesis is that the variance of stopping distances of automobiles on wet pavement is substantially greater than the variance of stopping distances of automobiles ondry pavement. A standard homeowners insurance policy covers your personal property up to a specific limit. A) Coverage C--Personal property. 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 Natalie offers to rent a room in her home to a local college student. $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. C. Payment under Damage to Property of Others is made regardless of negligence Accessed Oct. 15, 2021. 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. motorized wheelchairs B. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. 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 One classified ad lists a job that pays 64.6K. C) Scheduled personal property endorsement. is the worlds leading manufacturer of construction and mining equipment. A. certificates D. either basic or broad, Which Floater is written on a valued basis? An insured has a personal property replacement cost endorsement under her homeowners policy. This modifies the basis of loss settlement from ACV to replacement value. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? 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. Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises It extends Section II coverages to the insured's home day care business 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 The replacement value of the home is $450,000. What is it? The Tuttles own a late-19th century Victorian home. D. Territorial Limits. D. commercial buildings. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: C. A hovercraft Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. A Homeowners Policy will not cover theft of a boat away from premises In what type of home does Mrs. Zabinski live? 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. You tell her that by adding this endorsement the insurer agrees to pay the lowest of the following values, for most types of property insured on the endorsement, EXCEPT: Beatrice works from her home, on a part-time basis, as a hairdresser. A. B. Exhibition floater detached shed from which a tool repair business is operated. Laura's insurer paid $10,000 claim to reproduce the missing earring. Their homeowners policy imposes certain duties on them when a loss occurs. A model airplane By purchasing a scheduled personal. 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. Structures that are set apart from the dwelling by a clear space C) It is covered for up to 10% of the coverage C limit. 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. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence D. The Damage to Property of Others duplicates coverage that is included in Section I. Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. Which type of liability limit applies to Medical Payments coverage? property removed, Section II provides coverage to third parties including, first aid provided by the insure The court orders that the animal be put to sleep. Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . "Homeowners Insurance Guide." But here are the steps you can take to get the right amount of scheduled personal property insurance: You may need to take a picture of your item on top of the appraisal or receipt if youre insuring jewelry. A. Marc and Nancy insure their home for $300,000 with a homeowners policy. Which of the following is true regarding Section II of the Homeowners Policy? Damage to Property of Others coverage is provided up to a specified limit regardless of negligence Loss settlement is based on the actual cash value up to the amount listed on the endorsement. The Home Day Care endorsement does not provide which of the following? He keeps a considerable amount of cash and other valuables on him and around his home. C. $250 A. Scheduled personal property endorsement Crew of ships are covered by the? D. floaters, Each of the following is covered by Inland Marine EXCEPT: keep the $10,000 loss payment and the recovered property. }\\ Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. D. Coverage D of a Homeowners Policy covers additional living expenses. theft, Additional coverages found in all homeowners forms include, Debris removal Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. With scheduled personal property, you also. The standard mortgage clause specifies the rights and duties of the mortgagee which include, Paying the premium if the insured fails to do so, The homeowners forms contain certain additional coverage. Borrowed property meets the definition of contents Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? 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. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. B. Her agent recommends a. These duties include household and domestic services, such as those of a gardener or nanny. - any other residents who are under 21 and in the care of any member of the insured's family Bart keeps a dog that is known in the neighborhood to be vicious. Damage arising out of the insured's business pursuits - all relatives of the named insured who live in the same household 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. Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. 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. 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. In order to be covered by a scheduled personal property endorsement, the policyholder's personal property must be listed in the schedule, or list, for coverage. They want to buy insurance to cover their personal property and protect them against liability claims from third parties. Policyholders are not subject to a deductible on scheduled items. Under what section of her homeowners policy is the pool insured, if at all? The right of privacy was not acknowledged as a separate right until the 1960s. Liability coverages are set forth in Section II of the Policy. B. stamp and coin collections Which of the following endorsements to the Homeowners Policy adds coverage for injury resulting from libel, slander, false arrest, defamation, invasion of privacy and other such offenses that could result in a personal liability suit? 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? \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ A. buildings aircraft A Special personal property. 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. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. All of the following definitions are true of a Homeowners Policy, except: A. All of the following statements about the federal flood insurance program are true EXCEPT. $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. C. The dwelling on the insured premises, plus any structures that are attached to the dwelling A. A little later the grill explodes and damages Mac's home. B. Insects C. exports For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. | Allstate Personal property coverage is designed to help protect your belongings. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. no, because there are more than 4 units in the dwelling. lawnmowers, Bodily injury to others Jack and Jill are vacationing at a golf resort when a thief enters their room and steals a laptop computer, golf clubs, cash, and clothing. Coverage is provided to property of boarders not related to the insured Wisconsin Office of the Commissioner of Insurance. 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. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. Her jeweler will reproduce the lost earring for $10,000. 70% of the replacement cost. Which of the following property is covered under the Homeowners Policy? The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. A. broad Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. 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? 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. C. insect damage 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. Choose the false statement regarding the coverage of property under a Homeowners Policy. B. mariners What homeowners form would be most appropriate for their insurance needs? B. fine art \end{matrix} \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 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 claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? An endorsement can settle personal property losses on a replacement cost basis. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Mac's homeowners policy pays for the damage to the home and grill. DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. B. 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? A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. Relatives of the named insured, meaning they are related by blood, marriage, or adoption B. However, there are limits for the coveragevalue for eachitem. On dry pavement, the standard deviation is 16 feet. replacement cost coverage is available by endorsement, for an additional premium. Note: We don't currently offer the ability to schedule property, but stay tuned! B. B. gun collections D. outboard motors and fishing tackle, Ocean Marine Insurance covers: All of the following are benefits provided by the Loss of Use coverage (Coverage D) in a homeowners policy EXCEPT: Janice and Bill ask their agent which homeowners insurance form she would recommend to meet their needs.

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the scheduled personal property endorsement quizlet

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the scheduled personal property endorsement quizlet

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