However, which type of property is covered? Determine the earnings per share for Years 13. Describe the procedure and comment on its fairness. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. Scheduled Personal Articles Insurance Coverage, Other structures that are not attached to your house, including fences and storage sheds, Additional living expenses if you move out of your house (loss of use coverage), Medical bills for someone injured on your property. What Is an Insurance Rider in a Homeowners Policy? | Allstate B. What Coverage C special limit of liability applies to the loss? Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. What is covered by standard homeowners insurance? | III Homeowners insurance Quiz Flashcards | Quizlet Is personal property that is usually located in a secondary residence covered under Coverage C? Coverage is provided to property of boarders not related to the insured HO-3 is a comprehensive 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. A. breakage 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. Section II covers the neighbor's medical expenses and property damage losses. Scheduled Personal Property Definition - Investopedia 7 Q An insured's home is covered by a DP-3. 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? 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 D. Lumber in the insured's yard to be used to build a deck off the kitchen. Also known as. Coverage may be increased beyond the $2,500 additional coverage (10.) Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. These duties include household and domestic services, such as those of a gardener or nanny. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? Installment Sales Floater The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? Home Replacement Cost vs Actual Cash Value | Allstate 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. He is concerned that his homeowners policy will not provide enough coverage. D) An insured, an agent, an insurer and a claim. B. Her agent recommends a. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. 45 For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. How much money would she have to earn each year before it was considered a business activity under a homeowners policy? Laura's insurer paid $10,000 claim to reproduce the missing earring. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. Relatives of the named insured, meaning they are related by blood, marriage, or adoption motorized wheelchairs | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. One classified ad lists a job that pays 64.6K. Borrowed property meets the definition of contents The replacement value of the home is $450,000. B. salespersons' samples, Marine Transportation Insurance covers: Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. The HO-5 personal property coverages are insured on which basis? aircraft Renters Insurance Coverage and Policies | Allstate Another job he found has a weekly salary of $1,120. 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. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? D. either basic or broad, Which Floater is written on a valued basis? Scheduled Personal Property Endorsement - Insuranceopedia.com A. ships' cargo It includes various perils outside your typical dwelling coverage. Kevin came home from work to find that his house had been vandalized. trees, shrubs, plants The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. B. Dwellings under construction are covered for theft The court orders that the animal be put to sleep. The factors involved in location decisions include. Personal property on most policies include clothing, shoes, furniture,appliances, and other items. riot Cater pillar I nc. B. stamp and coin collections Chapter 5 - Homeowners Policy Flashcards | Quizlet Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. storage shed. \end{array} Personal Effects, Inland Marine policy losses are usually calculated with which method of valuation: What Does Homeowners Insurance Cover? | The Zebra HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. It provides Commercial General Liability coverage for the day care operation C. buildings 1,500 for jewelry; $2,500 for theft of firearms. 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. Scheduled personal property endorsement. A. jewelry salesperson's sample case The following options are available to the insurer EXCEPT: Pay the total cash value of the pair of earrings prior to the loss divided by two. All of the following statements is correct about a Homeowners Policy, except: C) Scheduled personal property endorsement. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. Power failure, A dwelling policy covers all types of personal properties listed 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. chapter 12 p and c course Flashcards | Quizlet Structures that are set apart from the dwelling by a clear space B. covers private art works. 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. B. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? & \$74,850.00\\ The markings on the door did not permanently damage it but the door required cleaning and minor repair work. 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. The dwelling must be the principal residence of the insured -- The underlying concept of the Homeowners Policy is that owner-occupied property has, in most cases, better care and maintenance than tenant-occupied property and is therefore eligible for package insurance and discounted rates. The insurer can do this because losses to personal property are settled on what basis? 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. 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. The assigning of the value of the insuredproperty will vary by the insurance provider. $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. A. affective events theory C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence Installment Sales Floater Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. Personal property is a class of property that can include any type of asset other than real estate. The extent to which a person feels enthusiastic, active and alert is known as ________. If an expensive painting and an antique chair are stolen from the insured's home, what will the insured receive on the claim under that endorsement? Under what section of her homeowners policy is the pool insured, if at all? On a standard homeowners policy, coverage divides into categories including. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. 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. Fred and Sharon live in an older home whose replacement cost far exceeds its market value. & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ Round to one decimal place. Sandra, Lynn, and Carole inherited their family home from Mrs. North. intended use Joaquin wants both property and liability insurance in one policy. It may provide protection in the event of a covered loss, such as theft or fire. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage 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. Which statement is false? $1,500 for trailers not used with watercraft b. Which of the following statements about coverage under the federal flood insurance . $$, 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. A. Renters Insurance Coverage and Policies | Allstate Renters insurance can do more than help protect your property. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. A. D. Coverage F limits are subject to a deductible. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. 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. B. A. You also have up to $500 of coverage for unauthorized use of your credit cards. Types of Homeowners Insurance (Policy Forms) | Credible An insurance deductible doesnt apply to this coverage. D. The Damage to Property of Others duplicates coverage that is included in Section I. B. What limitations, if any, apply to cash and securities? - all relatives of the named insured who live in the same household What homeowners policy form would best suit the Tuttles' needs. According to Menger, what was the main concern of individuals in early trade situations? Which of the following is true regarding Section II of the Homeowners Policy? B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? The dwelling on the residence premises Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. Understanding Home Insurance | Mass.gov C. all-risk A Personal Article Floater can cover: A. fur coats What are the implications of your statistical conclusions in terms of driving safety recommendations? Which of the following is not covered if the insured has broad peril coverage? Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. 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. The required reserve ratio is 10 percent. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? A better solution. Homeowners Insurance Flashcards | Quizlet They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. Choose the false statement regarding the coverage of property under a Homeowners Policy. Physicians and Surgeons Floater Your insurance companys underwriting team will review and get back to you with the status of your request. Property in transit. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. The pair of earrings cost $15,000 and was recently valued at $20,000. 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. 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. 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 agent recommends either the HO 2 Broad Form or the HO 3 Special Form. Two years ago, the insured bought the home for $58K. C. exports D. loading docks and cattle shipped to market, All-risk policies cover: On what form is Albert's homeowners policy written? Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. What definition in the homeowners policy describes Beatrice's activities as a hairdresser? Dave has a homeowners insurance policy. theft, Additional coverages found in all homeowners forms include, Debris removal The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. D. Installation Floater, Tourist luggage is insured by which floater? A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. A. replacement cost D. 90. Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape What is Scheduled Personal Property? | Allstate Round to the nearest dollar. Coverage D of a Homeowners Policy includes loss of income from an incidental business The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. Which of the following additional coverages is only included in certain homeowners forms? 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? Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Which type of liability limit applies to Medical Payments coverage? 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? Coverage D: Loss of Use, Coverage E: Liability What Is Personal Property Coverage? | Allstate \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ The dwelling and other structures (Coverages A and B) are written on an open perils basis -- The HO-3 (Special Form) provides the broadest coverage available on structures: open perils (or all-risk) coverage. It offers "open perils" protection for your house and detached structures like garages, sheds, fences. C. Coverage is not provided to a garage rented for private garage purposes A. a duplex that is owner-occupied vandalism and malicious mischief A. Dwellings under construction are covered for theft B. provides all-risk coverage. D. jewelry, A dry cleaner delivering clothes to customers should get: D) damage to the neighbor's clothing. In the research study, 16 automobiles traveling at the same speeds are tested for stopping distances on wet pavement and then tested for stopping distances on dry pavement. Texas Department of Insurance. D. commercial buildings. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. D. $1,000, Ocean Marine covers: A HO-3 policy provides coverage on which basis? Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. C. $250 People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. A. B. Exhibition floater ), $74,850.0035,798.00\begin{array}{r r} This basic homeowners insurance policy only covers losses caused by a peril named in the policy. Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. A. birthday gifts B. mariners 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 A. domestic transportation shipments 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. 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. A. $2,500 for theft of firearms c. $500 for business personal property on the insured premises d. $1,500 for securities, accounts, deeds, and evidences of debt c. $500 for business property }\\ Insurance coverage options for fine arts | PropertyCasualty360 Special coverage for jewelry and other valuables - III A. inland marine Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. The coverage for Damage to Property of Others excludes property that is covered in Section I Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? Which of the following is not an Additional Coverage on the homeowners policy? A. broad \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. 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. claim expenses Water damage He asks his insurance agent if the family cemetery plot and the small greenhouse he rents to a friend who grows and sells orchids are also covered under the policy. An insured has how many days grace period to get most Floater items scheduled? Personal Property Replacement Cost Loss Settlement. is the worlds leading manufacturer of construction and mining equipment. Determine the number of times interest charges are earned for 2014 and 2013. lightning NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. C. An attached garage Mac bought a new gas grill from a local department store. Today, it's replacement value is $60K. Liability Coverages are set forth in Section II of the Policy. fences In contrast, a traditional homeowners policy covers the property on an actual cash value basis. B. inherent vice "Scheduled Personal Articles Insurance Coverage." She purchased the necessary lumber and it's piled in her back yard. D . 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. Does homeowners insurance cover theft outside the home? Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs.
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