the scheduled personal property endorsement quizlet

$1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. B. C) Coverage C--Personal property increased limits. D. Coverage F limits are subject to a deductible. Which homeowners insurance form is appropriate for Marilyn and Dan? lightning 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. breakage Dave has a homeowners insurance policy. The definition also includes a person who performs similar duties elsewhere that are not related to any business of the insured, such as a person hired to paint the insured's house, as so long as the insured doesn't own a business that paints houses. What should their agent tell them? In contrast, a traditional homeowners policy covers the property on an actual cash value basis. storage shed. 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. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ 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. The assigning of the value of the insuredproperty will vary by the insurance provider. D) Personal property replacement cost endorsement. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises A. affective events theory C. $250 What is Farm Personal Property Insurance - amfam.com Fair market value C. Contractor's Equipment Floater How much money would she have to earn each year before it was considered a business activity under a homeowners policy? includes: The insurer can do this because losses to personal property are settled on what basis? 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. C. Payment under Damage to Property of Others is made regardless of negligence Which of the following is true regarding an unendorsed HO-4 (tenants form)? For example,traditionalcoverage may cover the loss from a fire or theft. War Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. B. an open perils (all-risk) basis. Which statement is true concerning Coverage D of the Homeowners Policy? One classified ad lists a job that pays 64.6K. B. 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. Tom and Ann have just bought a condominium for their residence. A. B. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. What is relocation diffusion in human geography? Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. D . D. provides named peril coverage. Coverage does not apply to property damage covered under Section I of the policy. Exam 5 Flashcards | Chegg.com Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. 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. For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. What are the main advantages to the insured if the homeowners policy is a package policy? Personal property is covered worldwide. 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. for landlord . Which of the following statements about coverage under the federal flood insurance . detached shed from which a tool repair business is operated. What does the representative tell them? A. certificates B) cost to have the dog put to sleep. She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. Home Replacement Cost vs Actual Cash Value | Allstate Two years ago, the insured bought the home for $58K. B. salespersons' samples, Marine Transportation Insurance covers: B) Scheduled personal property endorsement. 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. Under a Homeowners policy, Coverage B is what percentage of Coverage 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. What is the average rate at which the clerk sorts mail during the first 3 months on the job? Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. 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. (Round to the nearest cent. Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. Does Homeowners Insurance Cover Damaged or Lost Jewelry? C. 60 Which statement is false? \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. 1 PI: 3.1.1 Homeowners Policy Flashcards | Quizlet Property & Casualty Flashcards by Elizabeth Brandt | Brainscape Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage C) Scheduled personal property endorsement. C. Home schooling is covered under a Homeowners Policy B. actual cash value, The least likely method of payment for loss under a Floater is: What Coverage C special limit of liability applies to the loss? Fred and Sharon live in an older home whose replacement cost far exceeds its market value. D. a good mood. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. explosion 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. All of the following definitions are true of a Homeowners Policy, except: The insurance company says it will replace the watch instead of making a loss payment. What is Scheduled Personal Property? Which of the following Coverages is not found under Section I of the Homeowners Policy? Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: 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. Property damage coverage included damage from insects, weathering, and wear and tear. The HO-5 personal property coverages are insured on which basis? What limitations, if any, apply to cash and securities? However, he worries that loss to his personal property will be adjusted on an actual cash value basis. An endorsement can settle personal property losses on a replacement cost basis. Personal Articles Policyholders receive a full copy of their policy, which usually runs at least 20 pages. George just returned from Europe with a beautiful Swiss watch valued at $10,000. They want to buy insurance to cover their personal property and protect them against liability claims from third parties. \end{array} Bridget reported the theft of her Rolex watch to her insurance company. 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. What definition in his homeowners policy describes his home? Personal property on most policies include clothing, shoes, furniture,appliances, and other items. The peril causing this loss is malicious mischief. 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. In what type of home does Mrs. Zabinski live? Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. As their agent, which homeowners coverage form should you offer them? Retrieve copies of either the receipts or appraisals of each item. Derek's agent tells him. Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? D. It covers injury to attendees while loading or unloading them from draft or saddle animals. A. replacement cost A Special personal property. Which of the following property is covered under the Homeowners Policy? B. D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? 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. A. warehouses With scheduled personal property, you also. Coverage D: Loss of Use, Coverage E: Liability Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? "Scheduled Personal Articles Insurance Coverage." A rare and expensive gun was stolen from it. Of the following statements concerning Homeowners policies, which is correct? \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 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. 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. Liability Coverages are set forth in Section II of the Policy. subrogate the claim to seek recovery from the manufacturer. A. Cater pillar I nc. A windstorm damages Tyrone and Belinda's garage and screened-in porch. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. B) $500.00 Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. Throwing cargo into the sea to save a sinking ship is: The cause is determined to be a defect in the grill. The coverage for Damage to Property of Others excludes property that is covered in Section I Definition. $$ NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. Natalie offers to rent a room in her home to a local college student. Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? C) Scheduled personal property endorsement. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. According to Menger, what was the main concern of individuals in early trade situations? Which of the following homeowners policies covers tenants or renters? damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type D) Whatever it will reasonably cost. Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. 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. D. Any person legally responsible for watercraft owned by an insured. C. It covers injury to an employee, as well as attendees, arising out of day care operations Under what section of her homeowners policy is the pool insured, if at all? What Coverage C special limit of liability applies to the loss? 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? B. imports A show dog Which endorsement would have provided a better loss settlement? \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Which of the following is not an option available to Laura? Choose the true statement concerning Homeowners Policies. B. Dwellings under construction are covered for theft A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Bicycle floater 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. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Your insurance companys underwriting team will review and get back to you with the status of your request. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. - all relatives of the named insured who live in the same household B. Exhibition floater B. 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. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? 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? What Is an Insurance Rider in a Homeowners Policy? | Allstate C) the neighbor's medical expenses. A little later the grill explodes and damages Mac's home. Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. American Family Insurance. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. civil commotion Learn more about how endorsements can affect your coverage. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? 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. After ttt months on the job, a postal clerk can sort Q(t)=700400e0.5tQ(t)=700-400 e^{-0.5 t}Q(t)=700400e0.5t letters per hour. Special coverage for jewelry and other valuables - III Damage to these items is not covered if caused by. 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. 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. A. golf clubs He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. Structures that are set apart from the dwelling by a clear space The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. D) An insured, an agent, an insurer and a claim. C. is an unscheduled blanket policy. C. Inherent Vice A. cattle shipped to market A. birthday gifts B. 80% of the replacement cost. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? Which of the following is not covered if the insured has broad peril coverage? D. Coverage D of a Homeowners Policy covers additional living expenses. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? B. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. A. inland marine An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. Collapse (Is included in HO-2, 3, 4, 5, and 6, Which of the following coverages applies to personal property owned or used by an insured and is included in all homeowners policies. Kevin came home from work to find that his house had been vandalized. PDF Endorsement Ho 04 61 Scheduled Personal Property Theft from a dwelling under construction prior to its occupancy While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. 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. intended use 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. This modifies the basis of loss settlement from ACV to replacement value. Coverage B: Other Structures Damage caused intentionally by the insured's 10-year-old son Inherent vice replacement cost coverage is available by endorsement, for an additional premium. B. 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. B. fine art 13 Q 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. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. You may need to purchase a scheduled personal property endorsement if the value of your personal items exceeds the limit on your personal property insurance policy. CA Personal Lines Flashcards Eloise installed an in-ground swimming pool in the back yard of her home. | Allstate Personal property coverage is designed to help protect your belongings. fire dept service charge A. Detached private structures on the residence premises What is it? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. How big are the banks excess reserves? 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? B. stamp and coin collections Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. He keeps a considerable amount of cash and other valuables on him and around his home. A. Understanding Home Insurance | Mass.gov pools B. The pair of earrings cost $15,000 and was recently valued at $20,000. D. The Damage to Property of Others duplicates coverage that is included in Section I. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? `Lisa lost one of her emerald earrings. Which of the following is true regarding the HO-3 (Special Form)? A. D. Contractor's Equipment Floater, Inland Marine will NOT cover: B. A. Although Laura thought she had lost her emerald earring, the pair was stolen by a temporary worker who accidentally left one of the earrings behind. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. 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 Open perils coverage is available by Endorsement for scheduled items at an additional premium. 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 Scheduled personal property coverage is an insurance rider (also known as an endorsement) homeowners can add on to their existing policy to get more protection for their valuables.