the scheduled personal property endorsement quizlet

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. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. A. a duplex that is owner-occupied Personal Articles Floater D. floaters, Each of the following is covered by Inland Marine EXCEPT: Which of the following would not be an insured under Section II of the Homeowners Policy? Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. B. a mobile home that is owner-occupied Personal Property Replacement Cost Loss Settlement. Which of the following is not true concerning Section II of the Homeowners Policy? Which statement is true concerning Coverage D of the Homeowners Policy? 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 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? $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. 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. D. Medical payments coverage is available for the insured and resident relatives. Dave has a homeowners insurance policy. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. claim expenses What is his objection to actual cash value and what, if anything, can he do about it? Theft from a dwelling under construction prior to its occupancy With actual cash value, loss is depreciated based on age and condition. A. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. Kevin came home from work to find that his house had been vandalized. The property section of the homeowners policy excludes coverage for certain types of property. Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. C. Borrowed property meets the definition of contents Get home insurance quotes for scheduled personal property coverage Compare rates A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? The insurance company says it will replace the watch instead of making a loss payment. An endorsement can settle personal property losses on a replacement cost basis. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. This year, $500,000\$ 500,000$500,000 is to be distributed. Well not relieve the insure of its policy obligations Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. B. mariners Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. 45 An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Samuel has the 2011 edition of the ISO homeowners policy. Eloise installed an in-ground swimming pool in the back yard of her home. A. What is the amount of the dividend s in arrears? By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. 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. 70% of the replacement cost. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. 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. C. Damage to property owned by the insured occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured In some situations, property owned by others may also be covered under a standard policy. The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. B. One day the dog attacks a neighbor while she is working in her own yard. A. For instance, if you insure your home for $120,000 and your policy covers your personal property at 10%, your personal items will be insured for up to $12,000. How much did Molly's insurance company pay to the mortgagee? The peril causing this loss is malicious mischief. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? 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. 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? B) cost to have the dog put to sleep. Laura's insurer paid $10,000 claim to reproduce the missing earring. B. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. B. Scheduled personal property endorsement Crew of ships are covered by the? 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. All of the following statements is correct about a Homeowners Policy, except: A typical homeowners policy does not cover. Power failure, A dwelling policy covers all types of personal properties listed except Round to the nearest dollar. Structures that are set apart from the dwelling by a clear space The Home Day Care endorsement does not provide which of the following? Of the following statements concerning Homeowners policies, which is correct? Under a Homeowners policy, Coverage B is what percentage of Coverage A? The preferred stockholders are also due to receive dividends in arrears for one year. Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. A rare and expensive gun was stolen from it. $100 He keeps a considerable amount of cash and other valuables on him and around his home. Although Laura thought she had lost her emerald earring, the pair was stolen by a temporary worker who accidentally left one of the earrings behind. "Scheduled Personal Articles Insurance Coverage." Which endorsement would have provided a better loss settlement? What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? Damage to Property of Others coverage is provided up to a specified limit regardless of negligence Section II covers the neighbor's medical expenses and property damage losses. He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. 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 . D. Lumber in the insured's yard to be used to build a deck off the kitchen. Charles Munyi has over eight years of experience as a personal finance writer. Also known as. fences Scheduled personal property endorsement. He has a homeowners policy and wonders if it covers the business equipment. The election process for the Academy Awards (for films) involves several stages and several different voting methods. Which statement is correct? D. It covers injury to attendees while loading or unloading them from draft or saddle animals. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. Which form is designed for the unit-owner of a condominium? The Damage to Property of Others duplicates coverage that is included in Section I ---- The Damage to Property of Others Additional Coverage supplements the Property Damage Liability Coverage by providing limited Coverage for damage, caused by the insured, regardless of negligence. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. B. an open perils (all-risk) basis. The extent to which a person feels enthusiastic, active and alert is known as ________. An endorsement can settle personal property losses on a replacement cost basis. 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. C) No coverage is available. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. B. single family homes D. Contractor's Equipment Floater, Inland Marine will NOT cover: C. is an unscheduled blanket policy. all of the following are special personal property limits under a homeowners policy EXCEPT: a. Scheduled personal property may increase the coverage limits on expensive items such as jewelry, furs, art and antiques, stamps, coin collections, or other select collectibles. A. golf clubs The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. A. Dwellings under construction are covered for theft Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. A. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. C. A hovercraft 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. For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. D. $1,000, Ocean Marine covers: Vandalism and malicious mischief losses are excluded under the Homeowners Policy: 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. 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. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. D. Camera floater, Which floater may be used to cover office equipment and furniture? American Family Insurance. On wet pavement, the standard deviation of stopping distances is 32 feet. Debris removal Caterpillar had no preferred stock outstanding. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? Insurer investigation expenses are in addition to the limits stated in Coverage E The coverage for Damage to Property of Others excludes property that is covered in Section I Policyholders receive a full copy of their policy, which usually runs at least 20 pages. A. ships' cargo Under what section of her homeowners policy is the pool insured, if at all? 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. a home under construction that the owner intends to occupy A Homeowners Policy will not cover theft of a boat away from premises Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. Damage to these items is not covered if caused by. The factors involved in location decisions include. Under what coverage part of her homeowners policy is the lumber insured? D. 90. You tell her that by adding this endorsement the insurer agrees to pay the lowest of the following values, for most types of property insured on the endorsement, EXCEPT: Beatrice works from her home, on a part-time basis, as a hairdresser. B. intended use 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. Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. C. fine art 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. The cause is determined to be a defect in the grill. covers damages that the insured becomes legally obligated to pay because of bodily injury or property damage caused by an occurrence to which coverage applies. The amount specified for this ring in the schedule is $2,000. This modifies the basis of loss settlement from ACV to replacement value. B. provides all-risk coverage. If an expensive painting and an antique chair are stolen from the insured's home, what will the insured receive on the claim under that endorsement? Learn about several types of riders that may be available on a home insurance policy. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. However, there are limits for the coveragevalue for eachitem. The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. vandalism and malicious mischief Loss settlement is based on the actual cash value up to the amount listed on the endorsement. 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? Texas Department of Insurance. Bart keeps a dog that is known in the neighborhood to be vicious. A. 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: All of the following are true, except: In what type of home does Mrs. Zabinski live? D. commercial buildings. Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? reasonable repairs The different classes of property that are eligible for coverage . A floater can be used to insure each of the following except: 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. Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. Select the person who is not considered an insured under an HO-3 policy? Mac bought a new gas grill from a local department store. The coverage limit for jewelry is $10,000 (no per-item limit) and is subject to the policy deductible (the amount you'll have to pay before insurance coverage kicks in). Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? How much money would she have to earn each year before it was considered a business activity under a homeowners policy? The homeowners policy contains which of the following types of insurance coverage? Under your standard coverage, expensive jewelry, firearms, and furs may not be sufficiently covered scheduled personal property coverage can insure these items up to their full value. sailboats Which floater covers works of art sold by an art gallery on a consignment basis? Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . Which of the following additional coverages is only included in certain homeowners forms? Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? Accessed Oct. 15, 2021. A Fine Art Floater: C. furs and jewelry A. B. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? A Homeowners Policy will not cover theft of a boat away from premises 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. According to Menger, what was the main concern of individuals in early trade situations? the maximum amount of coverage that can be written on any single dwelling is $25,000. An insurance deductible doesnt apply to this coverage. 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. An insured has how many days grace period to get most Floater items scheduled? C. positive state affect B. covers private art works. What are the main advantages to the insured if the homeowners policy is a package policy? The court orders that the animal be put to sleep. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. 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. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. C) Scheduled personal property endorsement. Personal property on most policies include clothing, shoes, furniture,appliances, and other items. D. The Damage to Property of Others duplicates coverage that is included in Section I. $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