the scheduled personal property endorsement quizlet

An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. Charles Munyi has over eight years of experience as a personal finance writer. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? A standard homeowners insurance policy covers your personal property up to a specific limit. A. Physicians and Surgeons Floater What are the main advantages to the insured if the homeowners policy is a package policy? Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? D. commercial buildings. non-owned vehicles Borrowed property meets the definition of contents As their agent, which homeowners coverage form should you offer them? Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. 70% of the replacement cost. Personal Articles B. The Home Day Care endorsement does not provide which of the following? A. D. Coverage is provided to property of boarders not related to the insured, Under Coverage A of the Homeowners Policy, all of the following are covered, except: The Damage to Property of Others duplicates coverage that is included in Section I ---- The Damage to Property of Others Additional Coverage supplements the Property Damage Liability Coverage by providing limited Coverage for damage, caused by the insured, regardless of negligence. 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. Which floater covers works of art sold by an art gallery on a consignment basis? Policyholders are not subject to a deductible on scheduled items. Commercial floaters cover: B. Damage to these items is not covered if caused by. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. 1 vandalism and malicious mischief | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. A. personal property of roomers or boarders is excluded under the homeowners policy. A floater can be used to insure each of the following except: 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. C. buildings Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? An insured has how many days grace period to get most Floater items scheduled? All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Which of the following homeowners policies covers tenants or renters? B. imports and exports Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . A. A. Physicians and Surgeons Floater She purchased the necessary lumber and it's piled in her back yard. - &35,798.00\\ \hline Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. ), $74,850.0035,798.00\begin{array}{r r} What is relocation diffusion in human geography? 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. D. Private structures owned by the insured at other locations. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. B. mariners Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. 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. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. George just returned from Europe with a beautiful Swiss watch valued at $10,000. 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. B. an open perils (all-risk) basis. What Coverage C special limit of liability applies to the loss? lightning How would a covered loss to their home be settled or adjusted? Both the cemetery plot and greenhouse are located at the residence premises. A better solution. D) Personal property replacement cost endorsement. Bodily injury sustained by an employee in the course of employment, damage arising out of boats rented to others, and damage arising out of watercraft being operated in a race are not covered. After cooking dinner, he turns off the gas to the grill. Which of the following is not one of these duties? Record every valuable possession in your house and copy the serial numbers. How does the homeowners policy limit coverage for these types of property? A. Which statement is true concerning Section II of a Homeowners Policy? C. Contractor's Equipment Floater Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? \end{array} 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. The factors involved in location decisions include. 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. Under what section of her homeowners policy is the pool insured, if at all? B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. Scheduled personal property coverage is an endorsement you can add to your home insurance. C. reservations An endorsement can settle personal property losses on a replacement cost basis. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? A. barratry A. a stated value basis. B. Her jeweler will reproduce the lost earring for $10,000. Other structures, which include items such as sheds, fences, and the mailbox. Coverage D of a Homeowners Policy includes loss of income from an incidental business A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. (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. Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. Two years ago, the insured bought the home for $58K. 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. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. C. Home schooling is permitted under a Homeowners Policy 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 additional coverages is only included in certain homeowners forms? D. Any person legally responsible for watercraft owned by an insured. C. Damage to property owned by the insured B. Insects and vermin B. single family homes $$ D. Territorial Limits. A. The required reserve ratio is 10 percent. C. An attached garage for landlord . Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. You also have up to $500 of coverage for unauthorized use of your credit cards. Coverage C of a Homeowners Policy includes: An owned camera used by the insured while on vacation in another country --- Property not covered under Coverage C includes animals, aircraft, and vehicles registered for road use. D) An insured, an agent, an insurer and a claim. Personal property is covered worldwide. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? D) Personal property replacement cost endorsement. 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 does not apply to property damage covered under Section I of the policy. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence riot The pair of earrings cost $15,000 and was recently valued at $20,000. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? D. Installation Floater. The amount specified for this ring in the schedule is $2,000. B. subrogate the claim to seek recovery from the manufacturer. On what form is his policy written? Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. D. Lumber in the insured's yard to be used to build a deck off the kitchen. 150,000 to Carole and $75,000 each to Sandra and Lynn. Is personal property that is usually located in a secondary residence covered under Coverage C? On dry pavement, the standard deviation is 16 feet. Learn how coverage works. 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. The preferred stockholders are also due to receive dividends in arrears for one year. It extends Section II coverages to the insured's home day care business C. A hovercraft People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. 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. How was this claim paid? D. a townhouse that is owner-occupied, Loss arising out of acts the insured expects or intends is excluded under both Coverage ___ and Coverage ___, What is true regarding personal liability coverage, It is added by endorsement to the dwelling policy, but automatically included in the homeowners policy, Coverage E - Personal Liability provides coverage to the insured if, a claim is made or a sit is brought against the insured for damages because of bodily injury to property damage to others, Additional coverages for coverage A for trees, shrubs, plants, or lawns, loss caused by: Money is covered up to $500 per occurrence - The limit on money is $200. Kevin is looking for a job as a piano technician. A. birthday gifts Under an HO-3 policy, what is the coinsurance requirement? B. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. Bicycle floater A. 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. A. broad Broad perils coverage - These two Forms provide Broad Form Perils Coverage. B. Exhibition floater Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. \begin{matrix} The coverage for Damage to Property of Others excludes property that is covered in Section I 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. 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. C. Inherent Vice The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. D. Coverage D of a Homeowners Policy covers additional living expenses. A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. 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. Determine the earnings per share for Years 13. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. He has a homeowners policy and wonders if it covers the business equipment. Payment of the actual cash value or a proportional share of the loss, whichever is greater, Averagenumberofcommonsharesoutstanding, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, CHM 101 Exam #3 Chapter 11 Lecture Notes From, Chapter 6 - Addiction Across the Life Span. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises A little later the grill explodes and damages Mac's home. The coverage limit for jewelry is $10,000 (no per-item limit) and is subject to the policy deductible (the amount you'll have to pay before insurance coverage kicks in). 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. Protection extends to additional types of loss above that covered by the homeowner's policy. C) Scheduled personal property endorsement. Relatives of the named insured, meaning they are related by blood, marriage, or adoption Which of the following statements about coverage under the federal flood insurance . 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. Customer Bailee Floater D. 90. Which of the following would not be included in the meaning of 'insured' in a homeowners policy? 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. Renters insurance can do more than help protect your property. A. inland marine On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. A. affective events theory Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. 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. 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. Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. How Much Homeowners Insurance Coverage Do I Need? C. furs and jewelry The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. A model airplane Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? Property such as electronics, firearms, business property, and watercraft may have limitations. 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? B. negative state affect D . Which statement is correct about these forms? Which form is designed for the unit-owner of a condominium? These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. - 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. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. detached garages 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. Which of the following would not be an insured under Section II of the Homeowners Policy? Personal property coverage is designed to help protect your belongings. Scheduled personal property endorsement Crew of ships are covered by the? An insured has a personal property replacement cost endorsement under her homeowners policy. However, there are still a couple of issues to note when using a form such as the HO 04 61 (05 11)Scheduled Personal Property Endorsement. C. Borrowed property meets the definition of contents Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. With scheduled personal property, you also. What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. 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. Round to one decimal place. Dave has a homeowners insurance policy. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except However, he worries that loss to his personal property will be adjusted on an actual cash value basis. A. Detached private structures on the residence premises A. cattle shipped to market Personal Property Replacement Cost Loss Settlement. $1,500 for trailers not used with watercraft b. 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. 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. 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. D. Camera floater, Which floater may be used to cover office equipment and furniture? The different classes of property that are eligible for coverage . 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.

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