the scheduled personal property endorsement quizlet the scheduled personal property endorsement quizlet

pools \end{matrix} D. Damage to property owned by the insured's tenant. What homeowners policy form would best suit the Tuttles' needs. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. 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. ), $74,850.0035,798.00\begin{array}{r r} Personal property is covered worldwide. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage Mrs. Delaney hired a contractor to build a deck on the back of her house. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. Under the HO-8 policy, the dwelling is valued on which basis? 1,500 for jewelry; $2,500 for theft of firearms. 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. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. Which form is designed for the unit-owner of a condominium? \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. C. buildings The court orders that the animal be put to sleep. On what basis was the loss settled? riot D. Any person legally responsible for watercraft owned by an insured. 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. All of the following statements about the federal flood insurance program are true EXCEPT. D) An insured, an agent, an insurer and a claim. C. Coverage is not provided to a garage rented for private garage purposes A. inland marine Inherent vice B. gun collections How would a covered loss to their home be settled or adjusted? 45 Which of the following would not be an insured under Section II of the Homeowners Policy? Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. 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 C. Contractor's Equipment Floater Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. A. ships' cargo A. Detached private structures on the residence premises Coverage D of a Homeowners Policy includes loss of income from an incidental business Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. The land on which the dwelling is located 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. Which of the following is true regarding an unendorsed HO-4 (tenants form)? Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? The Scheduled Personal Property Endorsement, HO 04 61, does not define fine arts, leaving the category open for anything that does not fall into the jewelry, furs, cameras, musical. 1 What is Scheduled Personal Property? | Allstate Personal property coverage is designed to help protect your belongings. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. An endorsement can settle personal property losses on a replacement cost basis. However, which type of property is covered? Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. 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 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. However, there are limits for the coveragevalue for eachitem. B. Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises This basic homeowners insurance policy only covers losses caused by a peril named in the policy. A. Natalie offers to rent a room in her home to a local college student. - any other residents who are under 21 and in the care of any member of the insured's family On wet pavement, the standard deviation of stopping distances is 32 feet. A) 5% of the Coverage A limit. A. replacement cost Physicians and Surgeons Floater D. provides named peril coverage. B. Dwellings under construction are covered for theft Under the cancellation condition, the insurer can cancel for any reason with 10 days' written notice to the insured during, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. A rare and expensive gun was stolen from it. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. Renters Insurance Coverage and Policies | Allstate Renters insurance can do more than help protect your property. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. In what type of home does Mrs. Zabinski live? Which statement is true concerning Section II of a Homeowners Policy? Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. 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. Most Personal Articles Floaters are written on: A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. Which endorsement would have provided a better loss settlement? Liability for loss to use of another's property C. fine art Choose the true statement concerning Homeowners Policies. C) The criminal, the crime, a police officer and a court of law. B. Insects occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured Which property would be settled for its actual cash value even if the Personal Property Replacement Cost Loss Settlement Endorsement is attached to the HO-3 policy? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. The earthquake endorsement is attached to Paulina's homeowners policy. What should their agent tell them? `Lisa lost one of her emerald earrings. What Is an Insurance Endorsement? 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. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. . The coverage will pay for any increase in living expenses required to maintain the insured's normal standard of living - Coverage D is intended to pay only the increase in the insured's normal living expenses occasioned by the loss. replacement cost coverage is available by endorsement, for an additional premium. The coverage for Damage to Property of Others excludes property that is covered in Section I Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. A Special personal property. 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. The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. In addition, it provides personal liability coverage. He keeps a considerable amount of cash and other valuables on him and around his home. C. stated value On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Property damage coverage included damage from insects, weathering, and wear and tear. The property section of the homeowners policy excludes coverage for certain types of property. Which statement is true concerning Section II of a Homeowners Policy? Caterpillar had no preferred stock outstanding. 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. An insurance deductible doesnt apply to this coverage. Personal Articles Floater 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. A. Dwellings under construction are covered for theft Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. fire C) the neighbor's medical expenses. On what form is Albert's homeowners policy written? \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ A better solution. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: If her ring is stolen, the insurer will pay (given a $250 deductible)? The pair of earrings cost $15,000 and was recently valued at $20,000. Protection extends to additional types of loss above that covered by the homeowner's policy. A) Coverage C--Personal property. An insured has a personal property replacement cost endorsement under her homeowners policy. subrogate the claim to seek recovery from the manufacturer. It provides Commercial General Liability coverage for the day care operation D. The Damage to Property of Others duplicates coverage that is included in Section I. $2,500 An insurer is not required to accept any property that an insured has Abandoned 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. - 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. B. fine art Which of the following is not an option available to Laura? The policy details the dollar amount for the standard coverage of various categories. A. Liability Coverages are set forth in Section II of the Policy. Personal Property Replacement Cost Loss Settlement. 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? Determine the earnings per share for Years 13. D. floaters, Each of the following is covered by Inland Marine EXCEPT: Theft of silverware is covered up to $2,500 C. Money is covered up to $500 per occurrence D. The Scheduled Personal Property Endorsement provides open perils coverage Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. This provides coverage for specific items of property that exceeds the internal limit on the policy, Loss settlement is based on the ____ ____ ____ up to the amount listed on the endorsement. 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. D. Coverage D of a Homeowners Policy covers additional living expenses. vandalism and malicious mischief Learn about several types of riders that may be available on a home insurance policy. Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . storage shed. 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. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Relatives of the named insured, meaning they are related by blood, marriage, or adoption Texas Department of Insurance. Gabriella lives in a multi-unit dwelling. Accessed Oct. 15, 2021. C. Installation Floater She knows the furniture in her condo unit is covered as personal property under her homeowners policy but wants to know if the stored furniture is also covered and, if so, do any coverage restrictions exist. Another job he found has a weekly salary of $1,120. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. 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. 80% of the replacement cost. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. 7 Q An insured's home is covered by a DP-3. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? B. single family homes D. jewelry, Inland Marine covers: furniture 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. An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. $0 civil commotion C. Borrowed property meets the definition of contents 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 Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. A Fine Art Floater: Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. 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. Which of the following is true regarding Section II of the Homeowners Policy? The different classes of property that are eligible for coverage . Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. 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. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. D) damage to the neighbor's clothing. Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? What endorsements allows an insured to purchase coverage in excess of the special limits of liability contained in the homeowners policy for certain items of personal property'such as jewelry, fine arts, and musical instruments'and also broadens coverage? What are the implications of your statistical conclusions in terms of driving safety recommendations? The replacement value of the home is $450,000. B. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Take pictures of all items and receipts, and send them to your insurer. 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? Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. 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. 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. (Round to the nearest cent. You also have up to $500 of coverage for unauthorized use of your credit cards. A. golf clubs Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. Personal property on most policies include clothing, shoes, furniture,appliances, and other items. Scheduled personal property endorsement Crew of ships are covered by the? The Watercraft Liability endorsement provides which coverage? - all relatives of the named insured who live in the same household personal property of roomers or boarders is excluded under the homeowners policy. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. Coverage A: Dwelling B. covers private art works. Liability coverages are set forth in Section II of the Policy. A. Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. Coverage D: Loss of Use, Coverage E: Liability His insurance agent suggests that he add which endorsement to adequately cover his watch? True or False? A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? A. lawnmowers, Bodily injury to others D. Installation Floater. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. A) Special limits of liability. C. a leased warehouse A. 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?