Scheduled personal property coverage is an endorsement that you can add to your home insurance policy to raise coverage limits for high-value items to ensure all of your belongings are fully protected no matter how or where they're damaged. B. 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. imports 7 Q An insured's home is covered by a DP-3. motorized wheelchairs He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. non-owned vehicles detached garages Cater pillar I nc. The following coverages are all found under Section I of the Homeowners Policy, except: Personal Injury Liability -- Section I of the Homeowners Policy contains Property coverages. A. C. Borrowed property meets the definition of contents All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. It includes various perils outside your typical dwelling coverage. 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? C. Contractor's Equipment Floater 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. Which of the following statements about coverage under the federal flood insurance . The extent to which a person feels enthusiastic, active and alert is known as ________. detached shed from which a tool repair business is operated. A. a stated value basis. Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. The land on which the dwelling is located --- While vacant land is included in the definition of 'insured location,' for the purposes of liability coverage, no property coverage is provided for land under the Homeowners policy. What Coverage C special limit of liability applies to the loss? 70% of the replacement cost. 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? Bicycle floater Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. B. What is Scheduled Personal Property? B. How was this claim paid? It may provide protection in the event of a covered loss, such as theft or fire. A. a warehouse Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. Covered up to 10% if kept at a location other than the main residence, True or False Bridget reported the theft of her Rolex watch to her insurance company. 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. On what form is his policy written? Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? An insured has a personal property replacement cost endorsement under her homeowners policy. includes: & \$74,850.00\\ Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Most Personal Articles Floaters are written on: D. Damage to property owned by the insured's tenant. The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. 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. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. B) cost to have the dog put to sleep. Laura's insurer paid $10,000 claim to reproduce the missing earring. A typical homeowners policy does not cover. Property in transit. Two years ago, the insured bought the home for $58K. C) It is covered for up to 10% of the coverage C limit. C. Inherent Vice Which statement is true concerning Coverage D of the Homeowners Policy? D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? C. all-risk 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. Round to one decimal place. 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? Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. What Coverage C special limit of liability applies to the loss? Coverage may be increased beyond the $2,500 additional coverage (10.) B. Determine the number of times interest charges are earned for 2014 and 2013. A. fur coats B. 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. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. C. homes A. domestic transportation shipments The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence What are the main advantages to the insured if the homeowners policy is a package policy? 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. Round to the nearest dollar. D. Camera floater, Which floater may be used to cover office equipment and furniture? Covers people who conduct business at home and have a person injured on their property, The HO-3 provides _____ peril coverage on dwelling and _____ peril coverage on personal property, Standard exclusions in the homeowners forms, Earth movement What is the ppp-value? vandalism and malicious mischief D. Territorial Limits. - any other residents who are under 21 and in the care of any member of the insured's family With actual cash value, loss is depreciated based on age and condition. 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. Section II covers the neighbor's medical expenses and property damage losses. Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. D. floaters, Each of the following is covered by Inland Marine EXCEPT: 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. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? A scheduled personal property endorsement may be used to cover each of the following EXCEPT: A. bicycles and clothing B. decks and awnings C. birthday gifts and wedding gifts D. paintings and jewelry B. decks and awnings Sheep shipped to market are insured by: A. Inland marine insurance B. homeowner policies A. Inland marine insurance True or False? The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? A. affective events theory C. An attached garage A. D. provides named peril coverage. D. Installation Floater, Tourist luggage is insured by which floater? D. Contractor's Equipment Floater, Inland Marine will NOT cover: Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Natalie offers to rent a room in her home to a local college student. Personal property is a class of property that can include any type of asset other than real estate. Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. C. reservations The markings on the door did not permanently damage it but the door required cleaning and minor repair work. 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. Money is covered up to $500 per occurrence - The limit on money is $200. C. Contractor's Equipment Floater The personal injury endorsement can be added to a homeowners policy to protect the insured from injuries to others caused by, What damage is specifically excluded under the personal property coverage in the HO-3 special form, Additional coverages in the homeowners policy, Fire department service charge Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. Damage to these items is not covered if caused by. Mac's homeowners policy pays for the damage to the home and grill. 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? occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured If her ring is stolen, the insurer will pay (given a $250 deductible)? Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. Scheduled personal property coverage is an endorsement you can add to your home insurance. Your clothing, appliances, furniture, and jewelry are all treated as personal property. 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: Complete the table to find the single deposit investment amounts. B. For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Accessed Oct. 15, 2021. 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? "Scheduled Personal Articles Insurance Coverage." Renters insurance can do more than help protect your property. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 A standard homeowners insurance policy covers your personal property up to a specific limit. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? Which of the following Coverages is not found under Section I of the Homeowners Policy? A. buildings Customer Bailee Floater Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: They want to buy insurance to cover their personal property and protect them against liability claims from third parties. She purchased the necessary lumber and it's piled in her back yard. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. What is the amount of the dividend s in arrears? The land on which the dwelling is located Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. Which of the following is not an option available to Laura? The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. Personal Articles Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. 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. What is the average rate at which the clerk sorts mail during the first 3 months on the job? C. Medical payments will pay for a maximum of 1 year from the date of the accident Per person -- Medical payments coverage for all types of policies pays on a 'per person' limit, When the property has been vacant for 60 consecutive days -- Since vacant property possesses a higher susceptibility to being vandalized, the policy excludes vandalism coverage when insured homes are vacant for 60 days or longer. Which of the following is not one of these duties? C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises A. Dwellings under construction are covered for theft
the scheduled personal property endorsement quizlet