Commercial floaters cover: However, he worries that loss to his personal property will be adjusted on an actual cash value basis. They would not recover their loss in full because they were not insured to value. Personal Articles The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . C. insect damage What are the implications of your statistical conclusions in terms of driving safety recommendations? C. Coverage is not provided to a garage rented for private garage purposes Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. Damage arising out of the insured's business pursuits D. Medical payments coverage is available for the insured and resident relatives. & \$74,850.00\\ The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. C. homes Which of the following is true regarding the HO-3 (Special Form)? 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? When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? 1,500 for jewelry; $2,500 for theft of firearms. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises In some situations, property owned by others may also be covered under a standard policy. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. Of the following statements concerning Homeowners policies, which is correct? Eloise installed an in-ground swimming pool in the back yard of her home. B. bridges owned by municipalities C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence She purchased the necessary lumber and it's piled in her back yard. If the cost to repair or replace is less than five percent of the dwelling limit and less than $2,500, the holdback requirement does not apply. One classified ad lists a job that pays 64.6K. You may need to purchase a scheduled personal property endorsement if the value of your personal items exceeds the limit on your personal property insurance policy. 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 After cooking dinner, he turns off the gas to the grill. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. 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. replacement cost The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? C. Contractor's Equipment Floater B) cost to have the dog put to sleep. Definition. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. The policy details the dollar amount for the standard coverage of various categories. 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 `Lisa lost one of her emerald earrings. Which of the following would not be eligible to purchase a Homeowners Policy? 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. Describe five common fees assessed on credit card accounts and how they can be avoided. D. Coverage is not provided to a garage rented for private garage purposes. What homeowners form would be most appropriate for their insurance needs? It extends Section II coverages to the insured's home day care business The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. A. Detached private structures on the residence premises Get home insurance quotes for scheduled personal property coverage Compare rates 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. Power failure, A dwelling policy covers all types of personal properties listed except C. Installation Floater 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. Bridget reported the theft of her Rolex watch to her insurance company. Money is covered up to $500 per occurrence - The limit on money is $200. C. An attached garage C. buildings B. He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. 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. 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 homeowners insurance form is appropriate for Marilyn and Dan? A) damage to the neighbor's yard. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. What definition in his homeowners policy describes his home? B. B. inherent vice Theft from a dwelling under construction prior to its occupancy Learn about several types of riders that may be available on a home insurance policy. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. Coverage is provided to property of boarders not related to the insured Borrowed property meets the definition of contents A Personal Articles Floater: On a standard homeowners policy, coverage divides into categories including. Which of the following would not be an insured under Section II of the Homeowners Policy? Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. The amount specified for this ring in the schedule is $2,000. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? In contrast, a traditional homeowners policy covers the property on an actual cash value basis. C) the neighbor's medical expenses. What is it? 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. B. 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? Which endorsement would have provided a better loss settlement? Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. 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. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. C. is an unscheduled blanket policy. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Which statement is true concerning Section II of a Homeowners Policy? B. 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. A. broad Texas Department of Insurance. A. C) The criminal, the crime, a police officer and a court of law. (Round to the nearest cent. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. $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 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. Personal property is a class of property that can include any type of asset other than real estate. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? Under a Homeowners policy, Coverage B is what percentage of Coverage A? Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises Gabriella lives in a multi-unit dwelling. B. A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. Which of the following additional coverages is only included in certain homeowners forms? D. The Damage to Property of Others duplicates coverage that is included in Section I. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. The Tuttles own a late-19th century Victorian home. Physicians and Surgeons Floater A. certificates "Personal Property Home Inventory." Scheduled personal property. B. a mobile home that is owner-occupied Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. 13 Q D. loading docks and cattle shipped to market, All-risk policies cover: Physicians and Surgeons Floater For example,traditionalcoverage may cover the loss from a fire or theft. Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. A show dog A better solution. 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 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. 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. 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. He asks his insurance agent if the family cemetery plot and the small greenhouse he rents to a friend who grows and sells orchids are also covered under the policy. C. A hovercraft Natalie offers to rent a room in her home to a local college student. What should their agent tell them? Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. D. jewelry, Inland Marine covers: The Watercraft Liability endorsement provides which coverage? Liability - Section I of the Homeowners Policy contains the Property Coverages. Under what coverage part of her homeowners policy is the lumber insured? no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. 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 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. An insured has a personal property replacement cost endorsement under her homeowners policy. Learn how coverage works. Liability coverages are set forth in Section II of the Policy. Which statement is false? Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. A. domestic transportation shipments Debris removal 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: Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. He keeps a considerable amount of cash and other valuables on him and around his home. Other named peril losses are covered up to the Coverage C limit. Which of the following statements about coverage under the federal flood insurance . Under the HO-8 policy, the dwelling is valued on which basis? A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. The required reserve ratio is 10 percent. An insurer is not required to accept any property that an insured has. Personal property coverage is designed to help protect your belongings. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. On what basis was the loss settled? Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. B. By purchasing a scheduled personal. Under an HO-3 policy, what is the coinsurance requirement? Coverage does not apply to property damage covered under Section I of the policy. What are the main advantages to the insured if the homeowners policy is a package policy? He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. is the worlds leading manufacturer of construction and mining equipment. Which of the following endorsements to the Homeowners Policy adds coverage for injury resulting from libel, slander, false arrest, defamation, invasion of privacy and other such offenses that could result in a personal liability suit? Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? D. $1,000, Ocean Marine covers: If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. A. C. 60 D. provides named peril coverage. 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. The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not, The permitted incidental occupancy endorsement, Deletes exclusions in the policy pertaining to a business conducted on the resident premises Personal property on most policies include clothing, shoes, furniture,appliances, and other items. The assigning of the value of the insuredproperty will vary by the insurance provider. Coverage D: Loss of Use, Coverage E: Liability 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. A. D) damage to the neighbor's clothing. Customer Bailee Floater The HO-5 personal property coverages are insured on which basis? Question 54 of 63 Coverage may be increased beyond the $2,500 additional coverage (10.) 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? 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} Today, it's replacement value is $60K. 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. Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. A. jewelry salesperson's sample case 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. D. floaters, Each of the following is covered by Inland Marine EXCEPT: 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. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. theft, Additional coverages found in all homeowners forms include, Debris removal D. Installation Floater, Tourist luggage is insured by which floater? storage shed. & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ D) Whatever it will reasonably cost. fences D. Damage to property owned by the insured's tenant. lightning Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. 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. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? The different classes of property that are eligible for coverage . C. exports Which of the following Coverages is not found under Section I of the Homeowners Policy? Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? The property section of the homeowners policy excludes coverage for certain types of property. 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. As their agent, which homeowners coverage form should you offer them? Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. Which of the following is not true concerning Section II of the Homeowners Policy? On what form is Albert's homeowners policy written? A. warehouses Liability for loss to use of another's property civil commotion 7 Q An insured's home is covered by a DP-3. Which of the following property is covered under the Homeowners Policy? B. Your insurance companys underwriting team will review and get back to you with the status of your request. Round to one decimal place. 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. non-owned vehicles B. fine art Charles Munyi has over eight years of experience as a personal finance writer. aircraft $2,500 An insurer is not required to accept any property that an insured has Abandoned B. Exhibition floater The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 fire dept service charge 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. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? B. A. Policyholders are not subject to a deductible on scheduled items. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ What Coverage C special limit of liability applies to the loss? Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. All of the following definitions are true of a Homeowners Policy, except: A. a warehouse Accessed Oct. 15, 2021. A. B. salespersons' samples, Marine Transportation Insurance covers: Personal property is covered worldwide. \begin{matrix} 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. C. stated value Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. Determine the earnings per share for Years 13. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. 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? B. an open perils (all-risk) basis. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. 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. A. The factors involved in location decisions include. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. Water damage Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. B. covers private art works. You may not realize the value of what you own until your home is damaged or vandalized. Coverage A under the Homeowners Policy includes coverage for which of the following? $$, 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. Note: We don't currently offer the ability to schedule property, but stay tuned! D. Coverage D of a Homeowners Policy covers additional living expenses. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ 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. 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.
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