B. The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional 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. 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. Read our, Definition and Examples of Scheduled Personal Property, Pros and Cons of Scheduled Personal Property, Answers to Common Homeowners Insurance Questions, What You Need To Know About Hurricanes and Insurance Coverage. An endorsement can settle personal property losses on a replacement cost basis. A. What are the main advantages to the insured if the homeowners policy is a package policy? (Round to the nearest cent. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? 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. How much did Molly's insurance company pay to the mortgagee? What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? A. Detached private structures on the residence premises Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. $74,850.0035,798.00. 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. Which homeowners insurance form is appropriate for Marilyn and Dan? includes:
Scheduled Personal Property | Definition | Kin Insurance Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. 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. Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. Charles Munyi has over eight years of experience as a personal finance writer. On wet pavement, the standard deviation of stopping distances is 32 feet.
Exam 5 Flashcards | Chegg.com Which statement is correct about these forms? The stone could be replaced for $1,700. Throwing cargo into the sea to save a sinking ship is: Renters Insurance Coverage and Policies | Allstate Renters insurance can do more than help protect your property. 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? A. ships' cargo explosion Which of the following is false in regard to the Home Day Care endorsement? Caterpillar had no preferred stock outstanding. Bridget reported the theft of her Rolex watch to her insurance company. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. $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 C) Coverage C--Personal property increased limits. Mac's homeowners policy pays for the damage to the home and grill. A. breakage The right of privacy was not acknowledged as a separate right until the 1960s. Your clothing, appliances, furniture, and jewelry are all treated as personal property. Other structures, which include items such as sheds, fences, and the mailbox.
What is covered by standard homeowners insurance? | III B. For example,traditionalcoverage may cover the loss from a fire or theft. War 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. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results ), $74,850.0035,798.00\begin{array}{r r} HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. all of the following are special personal property limits under a homeowners policy EXCEPT: a. Eloise installed an in-ground swimming pool in the back yard of her home. 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. Which statement is true concerning Section II of a Homeowners Policy? Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. 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. Which of the following additional coverages is only included in certain homeowners forms? For more jewelry. A. You also have up to $500 of coverage for unauthorized use of your credit cards. Cater pillar I nc. 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. 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? 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 different classes of property that are eligible for coverage . When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? A) Special limits of liability. Property such as electronics, firearms, business property, and watercraft may have limitations. People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. 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. Liability - Section I of the Homeowners Policy contains the Property Coverages. is the worlds leading manufacturer of construction and mining equipment. B. Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy personal property of roomers or boarders is excluded under the homeowners policy. All of the following definitions are true of a Homeowners Policy, except: B) cost to have the dog put to sleep. The required reserve ratio is 10 percent. 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. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. B. A scheduled personal property endorsement is an endorsement that allows certain property which might not be covered by a standard homeowners' insurance policy to be covered. A. a warehouse B. negative state affect
Scheduled Vs. Unscheduled Personal Property Coverage | Grange Insurance 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. Determine the number of times interest charges are earned for 2014 and 2013. D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car.
Does homeowners insurance cover theft outside the home? Mac bought a new gas grill from a local department store. 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.
Homeowners insurance Quiz Flashcards | Quizlet Damage to Property of Others coverage is provided up to a specified limit regardless of negligence
What is Scheduled Personal Property? | Allstate Covered up to 10% if kept at a location other than the main residence, True or False Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? B. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. replacement cost coverage is available by endorsement, for an additional premium. D) Personal property replacement cost endorsement. Which of the following is true regarding the HO-3 (Special Form)? 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} motorized wheelchairs
150,000 to Carole and $75,000 each to Sandra and Lynn. B. A. 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? Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. D. Coverage F limits are subject to a deductible. A. They believed that they did not get enough for this property because the settlement was based on actual cash value. Which of the following is not an Additional Coverage on the homeowners policy? claim expenses 70% of the replacement cost. C. golf clubs George just returned from Europe with a beautiful Swiss watch valued at $10,000. B. imports and exports | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. In what type of home does Mrs. Zabinski live? 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. D. $1,000, Ocean Marine covers:
Chapter 8 Flashcards by Antonio Abarca | Brainscape 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. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. The land on which the dwelling is located B. D) An insured, an agent, an insurer and a claim. B. single family homes What do you tell her? B. fine art
Home Replacement Cost vs Actual Cash Value | Allstate keep the $10,000 loss payment and the recovered property. 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. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? storage shed. B. 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. What definition in the homeowners policy describes Beatrice's activities as a hairdresser? 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 Scheduled Personal Property? Which of the following would not be eligible to purchase a Homeowners Policy? - &35,798.00\\ \hline 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. insect damage 80% of the replacement cost. C. Home schooling is permitted under a Homeowners Policy Personal Effects, Inland Marine policy losses are usually calculated with which method of valuation:
chapter 12 p and c course Flashcards | Quizlet 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.
The pair of earrings cost $15,000 and was recently valued at $20,000. Today, it's replacement value is $60K. Their homeowners policy imposes certain duties on them when a loss occurs. This modifies the basis of loss settlement from ACV to replacement value. $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. What Is an Insurance Endorsement? Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? What is the average rate at which the clerk sorts mail during the first 3 months on the job? Samuel has the 2011 edition of the ISO homeowners policy. A. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. 45
Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape D. Medical payments coverage is available for the insured and resident relatives. B. bridges owned by municipalities Liability coverages are set forth in Section II of the Policy. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ 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? Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. According to Menger, what was the main concern of individuals in early trade situations? subrogate the claim to seek recovery from the manufacturer. 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. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. B. salespersons' samples, Marine Transportation Insurance covers: Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. B. Which of the following property is covered under the Homeowners Policy? A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. B. D. Coverage D of a Homeowners Policy covers additional living expenses. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. Losses to dwellings and other structures are paid at replacement cost. Joaquin wants both property and liability insurance in one policy. D. provides named peril coverage. Choose the true statement concerning Homeowners Policies. The policy details the dollar amount for the standard coverage of various categories.
CH. 5 Homeowners Flashcards | Quizlet Which of the following is not one of these duties? aircraft C. 100% of the actual cash value. While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. Scheduled personal property coverage is an endorsement you can add to your home insurance. Another job he found has a weekly salary of $1,120. Round to one decimal place. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? D. commercial buildings. How much money would she have to earn each year before it was considered a business activity under a homeowners policy? A. covers public art collections. 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.
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. A model airplane 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. B. Insects and vermin Installment Sales Floater civil commotion A. fur coats
Property & Casualty Flashcards by Elizabeth Brandt | Brainscape D. Lumber in the insured's yard to be used to build a deck off the kitchen. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. Scheduled personal property. 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. His insurance agent suggests that he add which endorsement to adequately cover his watch? The homeowners policy contains which of the following types of insurance coverage? C) No coverage is available. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. Property in transit. D. The Damage to Property of Others duplicates coverage that is included in Section I. 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. Which of the following is not true concerning Section II of the Homeowners Policy? Insurer investigation expenses are in addition to the limits stated in Coverage E 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. After cooking dinner, he turns off the gas to the grill. It includes various perils outside your typical dwelling coverage. A. birthday gifts Accessed Oct. 15, 2021. $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. Coverage B: Other Structures Scheduled personal property endorsement. How Much Homeowners Insurance Coverage Do I Need? D. Coverage is not provided to a garage rented for private garage purposes. 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. Michael and Tricia have spent much time and money to landscape their property. As their agent, which homeowners coverage form should you offer them? Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. C. Home schooling is covered under a Homeowners Policy The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. A typical homeowners policy does not cover. In contrast, a traditional homeowners policy covers the property on an actual cash value basis. C. An attached garage
B. gun collections Which of the following homeowners policies covers tenants or renters? damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ 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. golf clubs A show dog Determine the earnings per share for Years 13. A. Bart keeps a dog that is known in the neighborhood to be vicious. Personal Articles Floater, Inland Marine policies are called? 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. 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. Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. A) damage to the neighbor's yard. \end{array} D. a good mood. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: \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. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? B. covers private art works. A. broad Policyholders are not subject to a deductible on scheduled items.
PERSONAL INLAND MARINE - The Rough Notes Company Inc. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. 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. 1 Which statement is true concerning Section II of a Homeowners Policy? A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. Of the following statements concerning Homeowners policies, which is correct? A better solution. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Installment Sales Floater 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. Choose the false statement regarding the coverage of property under a Homeowners Policy. A standard homeowners policy typically includes coverage for: Homeowners policies typically pay a percentage of your dwelling coverage limit to repair or replace your clothes, furniture, and other personal property. What does the representative tell them? If her ring is stolen, the insurer will pay (given a $250 deductible)? Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. furniture Damage caused intentionally by the insured's 10-year-old son However, there are limits for the coveragevalue for eachitem.
Scheduled Personal Property Definition - Investopedia C. A hovercraft C. It covers injury to an employee, as well as attendees, arising out of day care operations \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ B. imports Describe the procedure and comment on its fairness. $$, 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.
Chapter 5 - Homeowners Policy Flashcards | Quizlet riot Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence The coverage for Damage to Property of Others excludes property that is covered in Section I What definition in his homeowners policy describes his home? The Watercraft Liability endorsement provides which coverage? What Does Homeowners Insurance Cover and Not Cover? Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. 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? How was this claim paid? The peril causing this loss is malicious mischief. Scheduled personal property endorsement Crew of ships are covered by the? DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. 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. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: