$1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. They want to buy insurance to cover their personal property and protect them against liability claims from third parties. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured A. buildings The Tuttles own a late-19th century Victorian home. 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. 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. 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. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. 80% of the replacement cost. Insurer investigation expenses are in addition to the limits stated in Coverage E }\\ Open perils coverage is available by Endorsement for scheduled items at an additional premium. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. Caterpillar had no preferred stock outstanding. Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? 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. He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. Which of the following is not an option available to Laura? Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. property removed, Section II provides coverage to third parties including, first aid provided by the insure Under what section of her homeowners policy is the pool insured, if at all? Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the 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? A. jewelry salesperson's sample case The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. 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. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: They believed that they did not get enough for this property because the settlement was based on actual cash value. His insurance agent suggests that he add which endorsement to adequately cover his watch? B. salespersons' samples, Marine Transportation Insurance covers: Coverage is provided to property of boarders not related to the insured B. stamp and coin collections A. 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. She purchased the necessary lumber and it's piled in her back yard. Which form is designed for the unit-owner of a condominium? People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? Mrs. Delaney hired a contractor to build a deck on the back of her house. detached shed from which a tool repair business is operated. Liability for loss to use of another's property Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? The insurer can do this because losses to personal property are settled on what basis? D. Damage to property owned by the insured's tenant. Round to the nearest dollar. 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. C. The insured's tenant - any other residents who are under 21 and in the care of any member of the insured's family As their agent, which homeowners coverage form should you offer them? Money is covered up to $500 per occurrence - The limit on money is $200. 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. Select the person who is not considered an insured under an HO-3 policy? What are the implications of your statistical conclusions in terms of driving safety recommendations? 7 Q An insured's home is covered by a DP-3. 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. Medical payments coverage is available for the insured and resident relatives. $100 Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? C) No coverage is available. A Homeowners Policy will not cover theft of a boat away from premises C) Scheduled personal property endorsement. 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. 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 . C. insect damage Other named peril losses are covered up to the Coverage C limit. C. Fine art floater A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. The HO-5 personal property coverages are insured on which basis? - all relatives of the named insured who live in the same household A. C. homes Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? A. Dwellings under construction are covered for theft Scheduled personal property endorsement Crew of ships are covered by the? All of the following are defined as insured locations under the Homeowners Policy, except: Farmland owned by the insured -- Farmland owned by the insured is not covered. A. A. a stated value basis. B. jettison, Floaters provide which type of coverage: A. barratry All of the following statements is correct about a Homeowners Policy, except: You also have up to $500 of coverage for unauthorized use of your credit cards. A. B. covers private art works. The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. Homeowners Insurance Flashcards | Quizlet Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. $2,500 An insurer is not required to accept any property that an insured has Abandoned Physicians and Surgeons Floater A model airplane The factors involved in location decisions include. A. "Personal Property Home Inventory." What is his objection to actual cash value and what, if anything, can he do about it? Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal 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. Personal Property Replacement Cost Loss Settlement. Structures rented to someone who is not a tenant for use only as a private garage. In what type of home does Mrs. Zabinski live? Why You Should Consider Scheduled Personal Property Coverage How does the homeowners policy limit coverage for these types of property? A. certificates D. commercial buildings. A complete list or inventory of your personal property and its total value will help you decide how much coverage is adequate and make filing claims easier. D. leased buildings, Each of the following is a Personal Floater EXCEPT: intended use Liability Coverages are set forth in Section II of the Policy. Wisconsin Office of the Commissioner of Insurance. Special coverage for jewelry and other valuables - III B. basic Other structures, which include items such as sheds, fences, and the mailbox. B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. 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. Does Homeowners Insurance Cover Damaged or Lost Jewelry? Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. A. Detached private structures on the residence premises Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. B. provides all-risk coverage. Which statement is true concerning Section II of a Homeowners Policy? For more jewelry. 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. 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. Insurance coverage options for fine arts | PropertyCasualty360 Under an HO-2 policy with a coverage limit of $50,000 on the dwelling, what is the amount of personal property coverage that would be available? B. inherent vice - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. C) The criminal, the crime, a police officer and a court of law. B. 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 A. B. A) Special limits of liability. What Coverage C special limit of liability applies to the loss? Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. A. birthday gifts The required reserve ratio is 10 percent. How Much Homeowners Insurance Coverage Do I Need? B. The extent to which a person feels enthusiastic, active and alert is known as ________. Which endorsement would have provided a better loss settlement? Homeowners' Endorsements- the Details Make the Difference Your insurance companys underwriting team will review and get back to you with the status of your request. Coverage does not apply to property damage covered under Section I of the policy. 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. B. B. Insects and vermin These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. Mr. Conrad lives on the second floor of a duplex he bought. All of the following definitions are true of a Homeowners Policy, except: The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. 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. What Is an Insurance Endorsement? "Scheduled Personal Articles Insurance Coverage." What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? C. exports What Is an Insurance Endorsement? | Allstate civil commotion For example, a CSR could use one of the following endorsements to provide coverage for an insured's expensive jewelry: Scheduled Personal Property Endorsement (HO 04 61 05 11) or Scheduled Personal Property Endorsement (With Agreed Value Loss Settlement) (HO 04 60 05 11). B. Unscheduled personal property refers to items that are covered by personal property coverage but have not been specifically itemized; these items are subject to the standard coverage limits. C) Scheduled personal property endorsement. What is Scheduled Personal Property? | Allstate 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 Which of the following additional coverages is only included in certain homeowners forms? \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ 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. D) Personal property replacement cost endorsement. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Collapse (Is included in HO-2, 3, 4, 5, and 6, Which of the following coverages applies to personal property owned or used by an insured and is included in all homeowners policies. includes: Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. The coverage for Damage to Property of Others excludes property that is covered in Section I The Home Day Care endorsement does not provide which of the following? & \$74,850.00\\ D. jewelry, A dry cleaner delivering clothes to customers should get: $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. - &35,798.00\\ \hline The Watercraft Liability endorsement provides which coverage? Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises A. golf clubs The insurance company says it will replace the watch instead of making a loss payment. Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. Relatives of the named insured, meaning they are related by blood, marriage, or adoption C. buildings Under what coverage part of her homeowners policy is the lumber insured? no, because there are more than 4 units in the dwelling. 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. 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. B. an open perils (all-risk) basis. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. What are the main advantages to the insured if the homeowners policy is a package policy? A. ships' cargo A HO-3 policy provides coverage on which basis? 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. Samuel has the 2011 edition of the ISO homeowners policy. 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. A. covers inherent vice. Installment Sales Floater sailboats Complete the table to find the single deposit investment amounts. 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. The land on which the dwelling is located D. floaters, Each of the following is covered by Inland Marine EXCEPT: He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. HO-3 Home Insurance Policy Breakdown | Homeowners Insurance Cover Another job he found has a weekly salary of $1,120. A better solution. Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? Which statement is true concerning Section II of a Homeowners Policy? Both the cemetery plot and greenhouse are located at the residence premises. keep the $10,000 loss payment and the recovered property. Which homeowners insurance form is appropriate for Marilyn and Dan? B. Exhibition floater 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. Which statement is false? Coverage D: Loss of Use, Coverage E: Liability A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. C. Borrowed property meets the definition of contents lightning A Personal Articles Floater: A. Property damage of another caused by the insured, The comprehensive HO-5 policy is a _____ perils contract on personal property, structures on the premises set apart from the dwelling by a clear space, What is not covered by coverage B - other structures, - does not cover other structures rented to others for other than a use as a private garage $1,500 for trailers not used with watercraft b. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. Learn about what is typically covered in a renters policy and additional coverages you may want to consider. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. A. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. 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. A. warehouses C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises Property & Casualty Flashcards by Elizabeth Brandt | Brainscape Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. Personal Articles Floater, Inland Marine policies are called? The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? B. a mobile home that is owner-occupied Each insurance company will value your personal property differently. C. positive state affect Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. 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. C. reservations B. gun collections Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? An insured has a personal property replacement cost endorsement under her homeowners policy. Retrieve copies of either the receipts or appraisals of each item. He keeps a considerable amount of cash and other valuables on him and around his home. subrogate the claim to seek recovery from the manufacturer. A Homeowners Policy will not cover theft of a boat away from premises Including debris removal, what is the maximum an HO-3 policy with a Coverage A amount of $250,000 will pay If a detached garage burns down? With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? Dave has a homeowners insurance policy. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. 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. riot HO-3 is a comprehensive policy. A. What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? Learn more about how endorsements can affect your coverage. Under the HO-8 policy, the dwelling is valued on which basis? Coverage may be increased beyond the $2,500 additional coverage (10.) Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. C. Inherent Vice Fair market value coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. D. either basic or broad, Which Floater is written on a valued basis? (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. One classified ad lists a job that pays 64.6K. What is Scheduled Personal Property Coverage? - Policygenius Costs the insured was already paying before incurring the loss are not covered. Chloe moved from a spacious home to a smaller condo unit and stored some of her furniture in an off-premises storage unit. D. Contractor's Equipment Floater, Inland Marine will NOT cover: damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. 150,000 to Carole and $75,000 each to Sandra and Lynn. pools claim expenses Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. Theft from a dwelling under construction prior to its occupancy Commercial floaters cover: D. Breakage, Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamental Financial Accounting Concepts, Alvin A Arens, Mark A Beasley, Randal J Elder. What is the average rate at which the clerk sorts mail during the first 3 months on the job? 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? \begin{matrix} The police arrested the worker and returned the stolen property, including Laura's one emerald earring. D. Coverage is not provided to a garage rented for private garage purposes. unendorsed HO policy, there's not enough premium to handle the multitude of events that can cause a substantial loss of value to collectible stamps and coins. 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: It includes the Broad Form named perils on an actual cash value basis -- The HO-4 provides Broad Form named perils coverage on an actual cash value basis. The homeowners policy contains which of the following types of insurance coverage? Which of the standard homeowners policies includes malicious mischief as a named peril? how would a loss be adjusted under a homeowners policy with an insurance-to-value clause if a homeowner failed to carry coverage of at least 80% of the replacement cost of the home? After ttt months on the job, a postal clerk can sort Q(t)=700400e0.5tQ(t)=700-400 e^{-0.5 t}Q(t)=700400e0.5t letters per hour. Which of the following is not an Additional Coverage on the homeowners policy? Definition. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. 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.