the scheduled personal property endorsement quizlet

A HO-3 policy provides coverage on which basis? Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Members of the family under the age of 24 living at school away from the home However, there are limits for the coveragevalue for eachitem. detached shed from which a tool repair business is operated. 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? Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. 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? 1,500 for jewelry; $2,500 for theft of firearms. \end{array} 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. CH. 5 Homeowners Flashcards | Quizlet D. 90. C. Fine art floater Which of the following is true regarding Section II of the Homeowners Policy? Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? B. Natalie offers to rent a room in her home to a local college student. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . A. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. A. barratry Select the person who is not considered an insured under an HO-3 policy? the maximum amount of coverage that can be written on any single dwelling is $25,000. B. a mobile home that is owner-occupied A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. 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 insurance covers losses and damage to possessions on a replacement-cost basis. What Does Homeowners Insurance Cover and Not Cover? Kevin is looking for a job as a piano technician. B) Special property limits. (The home cannot contain more than 4 families), are also eligible for homeowners policy if the named insured is to be the occupant, Which of the following is the correct formula used to calculate ACV, Loss sustained while the injured party is on an insured location with any insured's permission is covered under, The insurance limit for coverage B-other structures is, 10% of Coverage A (Except for HO-4 and HO-6), All of the homeowners forms provide identical. The Home Day Care endorsement does not provide which of the following? Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. C) It is covered for up to 10% of the coverage C limit. 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. B. inherent vice $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 B. imports and exports However, which type of property is covered? The dwelling on the residence premises 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? Cater pillar I nc. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ Because the medical payments limit applies per person, the insurer will pay actual expenses up to $5,000 per person: $5,000 + $4,000 + $3,000 + $2,000 + $1,000 = $15,000. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence -- Damage to Property of Others pays up to $1,000 regardless of whether the insured is liable or not. A. warehouses Mr. Conrad lives on the second floor of a duplex he bought. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence - Damage to Property of Others pays up to $1,000 regardless of whether the insured is liable or not. B. imports The earthquake endorsement is attached to Paulina's homeowners policy. B. Exhibition floater The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. 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. Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. 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. a stated value basis. PERSONAL INLAND MARINE - The Rough Notes Company Inc. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. Scheduled personal property coverage is an endorsement you can add to your home insurance. Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. A. a warehouse What is the difference in the weekly salaries of these two jobs? 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. B. bridges owned by municipalities This basic homeowners insurance policy only covers losses caused by a peril named in the policy. Which of the following is not true concerning Section II of the Homeowners Policy? Accessed Oct. 15, 2021. Personal property is covered worldwide. These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. 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. C. positive state affect Determine the number of times interest charges are earned for 2014 and 2013. Liability - Section I of the Homeowners Policy contains the Property Coverages. D. Contractor's Equipment Floater, Inland Marine will NOT cover: C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence D. jewelry, A dry cleaner delivering clothes to customers should get: 45 Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. 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} detached garages A rare and expensive gun was stolen from it. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. C. 100% of the actual cash value. A. "Homeowners Insurance Guide." Coverage A under the Homeowners Policy includes coverage for which of the following? 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. The policy details the dollar amount for the standard coverage of various categories. C. a home under construction that the owner intends to occupy What is covered by standard homeowners insurance? | III is the worlds leading manufacturer of construction and mining equipment. B. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. Coverage B: Other Structures non-owned vehicles A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. What are the implications of your statistical conclusions in terms of driving safety recommendations? - any other residents who are under 21 and in the care of any member of the insured's family Under Coverage C of a Homeowners Policy, all of the following losses are included, except: Property of a roomer, boarder or tenant --- Property of roomers, boarders, or tenants is not covered under the policy. Choose the true statement concerning Homeowners Policies. If the shrubs in front of a house burn when the house catches fire, how much is the insured entitled to recover for the shrubs under his HO-3, 5% of the limit of Coverage A with a maximum of $500 for any 1 shrub, In the HO-4 and HO-6, the limit for trees, shrubs, or plants is __% of the coverage C limit or a maximum of $___ for one tree, plant, or shrub. 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? Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Which of the following property is covered under the Homeowners Policy? If her ring is stolen, the insurer will pay (given a $250 deductible)? D. Installation Floater, Tourist luggage is insured by which floater? What homeowners policy form would best suit the Tuttles' needs. C. golf clubs What Is Personal Property Coverage? | Allstate Structures rented to someone who is not a tenant for use only as a private garage. After cooking dinner, he turns off the gas to the grill. Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. The diamond fell out of its setting and was lost. A. certificates B. covers private art works. 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. Chapter 5 - Homeowners Policy Flashcards | Quizlet According to Menger, what was the main concern of individuals in early trade situations? B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results Your clothing, appliances, furniture, and jewelry are all treated as personal property. American Family Insurance. Scheduled personal property may increase the coverage limits on expensive items such as jewelry, furs, art and antiques, stamps, coin collections, or other select collectibles. What Is Scheduled Personal Property? - The Balance C) Coverage C--Personal property increased limits. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? B. jettison, Floaters provide which type of coverage: What definition in his homeowners policy describes his home? Mrs. Delaney hired a contractor to build a deck on the back of her house. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage includes: - all relatives of the named insured who live in the same household It includes various perils outside your typical dwelling coverage. Samuel has the 2011 edition of the ISO homeowners policy. PDF Endorsement Ho 04 61 Scheduled Personal Property A) damage to the neighbor's yard. 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. Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? CH 24 rsk mgmt Flashcards | Chegg.com The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. Scheduled Personal Property Endorsement - Insuranceopedia.com Scheduled Personal Property Definition - Investopedia 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? What is the amount of the dividend s in arrears? Which homeowners insurance form is appropriate for Marilyn and Dan? A Personal Articles Floater: Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape The Tuttles own a late-19th century Victorian home. D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? Which of the following is not an Additional Coverage on the homeowners policy? Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? C. buildings The peril causing this loss is malicious mischief. The pair of earrings cost $15,000 and was recently valued at $20,000. Two years ago, the insured bought the home for $58K. C. The insured's tenant Fred and Sharon live in an older home whose replacement cost far exceeds its market value. C) Scheduled personal property endorsement. For example, a CSR could use one of the following endorsements to provide coverage for an insured's expensive jewelry: Scheduled Personal Property Endorsement (HO 04 61 05 11) or Scheduled Personal Property Endorsement (With Agreed Value Loss Settlement) (HO 04 60 05 11). The homeowners policy contains which of the following types of insurance coverage? | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. A scheduled personal property endorsement may be used to cover each of the following EXCEPT: A. bicycles and clothing B. decks and awnings C. birthday gifts and wedding gifts D. paintings and jewelry B. decks and awnings Sheep shipped to market are insured by: A. Inland marine insurance B. homeowner policies A. Inland marine insurance By purchasing a scheduled personal. Personal property on most policies include clothing, shoes, furniture,appliances, and other items. Personal property is a class of property that can include any type of asset other than real estate. 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. Which of the following Coverages is not found under Section I of the Homeowners Policy? Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. B) cost to have the dog put to sleep. People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. A better solution. A floater can be used to insure each of the following except: Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Physicians and Surgeons Floater An endorsement can settle personal property losses on a replacement cost basis. The assigning of the value of the insuredproperty will vary by the insurance provider. What Coverage C special limit of liability applies to the loss? Water damage 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. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: A show dog D) damage to the neighbor's clothing. B. An insured has a personal property replacement cost endorsement under her homeowners policy. A Homeowners Policy will not cover theft of a boat away from premises 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. A typical homeowners policy does not cover. 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. An insurer may not be sued unless the insured has fully complied with the terms of the homeowners policy and the suit is brought within how many years of the loss date? Policyholders receive a full copy of their policy, which usually runs at least 20 pages. Exam 5 Flashcards | Chegg.com Inherent vice 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. The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. Personal Property Replacement Cost - Dick Law Firm 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. Under what coverage part of her homeowners policy is the lumber insured? Coverage is provided to property of boarders not related to the insured 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. 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. B. Commercial floaters cover: Describe five common fees assessed on credit card accounts and how they can be avoided. $$, What is covered under Coverage C - Personal Property, Personal property of the insured located anywhere in world, HO-2 policy provides an additional ____% of the amount coverage on the dwelling for loss of personal property, but only ___% of the personal property limit can be applied to property not located at the insured's primary residence, What homeowners endorsement is used to insure high-value items of personal property. $1,500 for trailers not used with watercraft b. Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? A. replacement cost What Does Homeowners Insurance Cover? | The Zebra Chapter 4: Homeowners Flashcards | Quizlet all of the following are special personal property limits under a homeowners policy EXCEPT: a. Charles Munyi has over eight years of experience as a personal finance writer. replacement cost coverage is available by endorsement, for an additional premium. B. basic $$ 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. 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. All of the following definitions are true of a Homeowners Policy, except: Personal property coverage is designed to help protect your belongings. What Is an Insurance Endorsement? 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. Personal Articles Floater, Inland Marine policies are called? B. Dwellings under construction are covered for theft $0 Accessed Oct. 15, 2021. A. covers public art collections. Covers people who conduct business at home and have a person injured on their property, The HO-3 provides _____ peril coverage on dwelling and _____ peril coverage on personal property, Standard exclusions in the homeowners forms, Earth movement Physicians and Surgeons Floater What is Farm Personal Property Insurance - amfam.com Question 54 of 63 C) Scheduled personal property endorsement. A little later the grill explodes and damages Mac's home. 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. Fair market value B. An insured has how many days grace period to get most Floater items scheduled? 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. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. Renters Insurance Coverage and Policies | Allstate 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. - does not cover a detached garage used for business, Under the special limits of liability section, the policy limits loss of theft of jewelry, watches, furs, and precious and semiprecious stones is $_____, The loss settlement provision of homeowners policies require that the insured carry a limit of insurance at least equal to, 80% of the full replacement cost of the dwelling. 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. Installment Sales Floater 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.