the scheduled personal property endorsement quizlet

Two years ago, the insured bought the home for $58K. 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. 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. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. The insurer can do this because losses to personal property are settled on what basis? C. It covers injury to an employee, as well as attendees, arising out of day care operations Coverage may be increased beyond the $2,500 additional coverage (10.) Which of the following would not be eligible to purchase a Homeowners Policy? Which would NOT purchase a bailee's floater? Water damage Learn about what is typically covered in a renters policy and additional coverages you may want to consider. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. Learn about several types of riders that may be available on a home insurance policy. The stone could be replaced for $1,700. Mr. Conrad lives on the second floor of a duplex he bought. Protection extends to additional types of loss above that covered by the homeowner's policy. 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? What is relocation diffusion in human geography? Money is covered up to $500 per occurrence - The limit on money is $200. A. A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. A. barratry 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. Coverage is provided to property of boarders not related to the insured Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. As their agent, which homeowners coverage form should you offer them? Debris removal C. Payment under Damage to Property of Others is made regardless of negligence 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. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. $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. This modifies the basis of loss settlement from ACV to replacement value. 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. 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 HO 2 insures all property on a named perils basis while the HO 3 insures real property on an open perils basis and personal property on a named perils basis. B. Which statement is correct? A model airplane Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? C. An attached garage Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. War A. HO-3 is a comprehensive policy. Structures that are set apart from the dwelling by a clear space Learn how coverage works. 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. The homeowners policy contains which of the following types of insurance coverage? C. fine art The factors involved in location decisions include. D. a good mood. Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. Borrowed property meets the definition of contents Theft from a dwelling under construction prior to its occupancy Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . B. The extent to which a person feels enthusiastic, active and alert is known as ________. $100 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. B) cost to have the dog put to sleep. Fair market value C. A hovercraft A. Coverage A under the Homeowners Policy includes coverage for which of the following? 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. A research hypothesis is that the variance of stopping distances of automobiles on wet pavement is substantially greater than the variance of stopping distances of automobiles ondry pavement. }\\ A. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? 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. Which of the following is true regarding the HO-3 (Special Form)? $2,500 An insurer is not required to accept any property that an insured has Abandoned 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. Kevin came home from work to find that his house had been vandalized. A. broad B. Dwellings under construction are covered for theft A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. 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. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. 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. How can government use taxes to reallocate the use of resources in the economy? fences Personal Articles Floater, Inland Marine policies are called? \end{array} For instance, if your policys dollar limit is $4,000 for all your valuables but their total value exceeds that amount, youll need to purchase a scheduled personal property endorsement to have your valuables fully covered. 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. Installment Sales Floater A. A. Which of the following would not be an insured under Section II of the Homeowners Policy? 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. $$ Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. In what type of home does Mrs. Zabinski live? 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. The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. A Homeowners Policy will not cover theft of a boat away from premises The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. Bridget reported the theft of her Rolex watch to her insurance company. B. covers private art works. B) cost to have the dog put to sleep. George just returned from Europe with a beautiful Swiss watch valued at $10,000. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. Which statement is false? 4.3.3 Workers Compensation Premium Computation, PI: 3.5.1 & 3.5.2 Farm Insurance Coverage / L, PI: 3.6.1 National Flood Insurance Program (N, PI: 3.7.1 Regulation of Property Insurance, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. Which of the following is true regarding an unendorsed HO-4 (tenants form)? \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ Scheduled personal property coverage provides three specificadvantages that extend beyond the benefits of a standard insurance policy: By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. C. buildings He is concerned that his homeowners policy will not provide enough coverage. D. Territorial Limits. C. exports reasonable repairs Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. is the worlds leading manufacturer of construction and mining equipment. If her ring is stolen, the insurer will pay (given a $250 deductible)? Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. The most common perils covered by an HO-1 policy include: Fire or lightning Smoke Windstorms or hail Explosion Aircraft Vehicles Vandalism Theft Few homeowners have this type of 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. A better solution. A. 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? C) Scheduled personal property endorsement. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. D. Installation Floater. A Fine Art Floater: C. a leased warehouse Physicians and Surgeons Floater Kevin is looking for a job as a piano technician. By purchasing a scheduled personal. Accessed Oct. 15, 2021. subrogate the claim to seek recovery from the manufacturer. B. Insects and vermin Throwing cargo into the sea to save a sinking ship is: 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. C. Home schooling is permitted under a Homeowners Policy What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? The insurance company says it will replace the watch instead of making a loss payment. 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. 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. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. What is it? However, there are limits for the coveragevalue for eachitem. \end{matrix} It extends Section II coverages to the insured's home day care business It includes various perils outside your typical dwelling coverage. 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. explosion C. $250 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. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ 70% of the replacement cost. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ $$, 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. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? Which of the standard homeowners policies includes malicious mischief as a named peril? Your insurance companys underwriting team will review and get back to you with the status of your request. Under the HO-8 policy, the dwelling is valued on which basis? $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. 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 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. Which of the following is not true concerning Section II of the Homeowners Policy? D) damage to the neighbor's clothing. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. However, which type of property is covered? $1,500 for trailers not used with watercraft b. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Which of the following is not one of these duties? An endorsement can settle personal property losses on a replacement cost basis. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? 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? Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. What is the amount of the dividend s in arrears? A. affective events theory As an example, your policy may state that it will cover a maximum of $1,500 for losses of watches, precious stones, and other jewelry. Definition and If You Need It, Fire Insurance: Definition, Elements, How It Works, and Example, Rider: Definition, How Riders Work, Types, Cost, and Example, Personal Property: Definition, Examples, and Role in Insurance. Of the following statements concerning Homeowners policies, which is correct? Which statement is true concerning Section II of a Homeowners Policy? 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. A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. B. 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. All of the following definitions are true of a Homeowners Policy, except: Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. Caterpillar had no preferred stock outstanding. A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. The different classes of property that are eligible for coverage . They want to buy insurance to cover their personal property and protect them against liability claims from third parties. B. stamp and coin collections B. B. Insects Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? B. salespersons' samples, Marine Transportation Insurance covers: D. leased buildings, Each of the following is a Personal Floater EXCEPT: Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. Determine the number of times interest charges are earned for 2014 and 2013. C. reservations $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 Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. Another job he found has a weekly salary of $1,120. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. vandalism and malicious mischief Round to the nearest dollar. What is the ppp-value? An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. A. a stated value basis. 45 Of the following statements concerning Homeowners policies, which is correct? The peril causing this loss is malicious mischief. A. ships' cargo Some possessions covered by a scheduled personal property endorsement include jewelry, coin collections, postage stamps, furs, antiques, guns, fine arts, silverware, and other items whose value exceeds what your regular homeowners policy covers. A standard homeowners insurance policy covers your personal property up to a specific limit. Round to one decimal place. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. The amount specified for this ring in the schedule is $2,000. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. On what basis was the loss settled? Determine the earnings per share for Years 13. What definition in the homeowners policy describes Beatrice's activities as a hairdresser? How Much Homeowners Insurance Coverage Do I Need? Marc and Nancy insure their home for $300,000 with a homeowners policy. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. detached shed from which a tool repair business is operated. At a .05 level of significance, do the sample data justify the conclusion that the variance in stopping distances on wet pavement is greater than the variance in stopping distances on dry pavement? They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. How much did Molly's insurance company pay to the mortgagee? Samuel has the 2011 edition of the ISO homeowners policy. Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. 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? This basic homeowners insurance policy only covers losses caused by a peril named in the policy. A. Detached private structures on the residence premises 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. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. storage shed. A standard homeowners insurance policy covers personal items up to a specific dollar limit, beyond which an insurance company won't compensate you in the event of a loss. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises How much money would she have to earn each year before it was considered a business activity under a homeowners policy? D. loading docks and cattle shipped to market, All-risk policies cover: Which of the following is not an Additional Coverage on the homeowners policy? A. inland marine 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. C. insect damage Losses to dwellings and other structures are paid at replacement cost. Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Take pictures of all items and receipts, and send them to your insurer. Scheduled personal property works in two ways: increasing policy limits to cover more expensive items and protecting these items from a more significant number of . Record every valuable possession in your house and copy the serial numbers. A. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. `Lisa lost one of her emerald earrings. 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. C. Coverage is not provided to a garage rented for private garage purposes The Tuttles own a late-19th century Victorian home. D. Contractor's Equipment Floater, Inland Marine will NOT cover: B. Installment Sales Floater Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? replacement cost coverage is available by endorsement, for an additional premium. C. 100% of the actual cash value. Inherent vice - all relatives of the named insured who live in the same household D. The Damage to Property of Others duplicates coverage that is included in Section I. A. breakage Mac bought a new gas grill from a local department store. 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.

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