the scheduled personal property endorsement quizlet
\end{matrix} Which statement is correct about these forms? Section II covers the neighbor's medical expenses and property damage losses. 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. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except C. Payment under Damage to Property of Others is made regardless of negligence Which of the following is considered personal property not covered by the homeowners policy? 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. Michael and Tricia have spent much time and money to landscape their property. A. This modifies the basis of loss settlement from ACV to replacement value. Personal Property Replacement Cost Loss Settlement. Caterpillar had no preferred stock outstanding. 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. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. Renters Insurance Coverage and Policies | Allstate Renters insurance can do more than help protect your property. Coverage A under the Homeowners Policy includes coverage for which of the following? Two years ago, the insured bought the home for $58K. Accessed Oct. 15, 2021. She purchased the necessary lumber and it's piled in her back yard. Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? 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. Throwing cargo into the sea to save a sinking ship is: The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. The land on which the dwelling is located B. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. Coverage D of a Homeowners Policy includes loss of income from an incidental business -- Coverage D does not cover loss of income from an incidental business. C. positive state affect property removed, Section II provides coverage to third parties including, first aid provided by the insure Borrowed property meets the definition of contents The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. A. Personal Articles Floater, Inland Marine policies are called? A. warehouses Each insurance company will value your personal property differently. Bicycle floater 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. D. 90. In contrast, a traditional homeowners policy covers the property on an actual cash value basis. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. Your clothing, appliances, furniture, and jewelry are all treated as personal property. lawnmowers, Bodily injury to others `Lisa lost one of her emerald earrings. Scheduled Vs. Unscheduled Personal Property Coverage | Grange Insurance Association Grange Insurance Association's (GIA) Annual Policyholder Meeting will be held on Monday, March 20, at 10:00 a.m. D. The Damage to Property of Others duplicates coverage that is included in Section I. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Their homeowners policy imposes certain duties on them when a loss occurs. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. The policy states that the insurance company will provide defense for the insured at the insurer's expense, even when the insured is not at fault. In some situations, property owned by others may also be covered under a standard policy. & \$74,850.00\\ 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. B. imports and exports Loss settlement is based on the actual cash value up to the amount listed on the endorsement. Personal property is a class of property that can include any type of asset other than real estate. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. The factors involved in location decisions include. (Round to the nearest cent. 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. Mac's homeowners policy pays for the damage to the home and grill. 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. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. Damage arising out of the insured's business pursuits 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. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. 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. Coverage D: Loss of Use, Coverage E: Liability $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 Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? 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. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ The dwelling and other structures (Coverages A and B) are written on an open perils basis -- The HO-3 (Special Form) provides the broadest coverage available on structures: open perils (or all-risk) coverage. C. golf clubs 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? Scheduled personal property coverage is an endorsement you can add to your home insurance. - any other residents who are under 21 and in the care of any member of the insured's family Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. pools D. commercial buildings. 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 On what basis was the loss settled? Choose the true statement concerning Homeowners Policies. Coverage does not apply to property damage covered under Section I of the policy. 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? Marc and Nancy insure their home for $300,000 with a homeowners 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. 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. C. a leased warehouse Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? 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. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. 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. The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. C) the neighbor's medical expenses. Customer Bailee Floater Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. What is Scheduled Personal Property? C. Inherent Vice The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. Which statement is correct? 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. The right of privacy was not acknowledged as a separate right until the 1960s. keep the $10,000 loss payment and the recovered property. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. 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. On what form is Albert's homeowners policy written? Scheduled personal property endorsement If the insured owns a watch valued at $10,000, full coverage can be provided on a homeowners policy by purchasing the 80% The dwelling insured on HO-2, HO-3, or HO-5 forms is covered for replacement, provided that it is insured for at least what percentage of replacement cost on the date of loss? Which property would be settled for its actual cash value even if the Personal Property Replacement Cost Loss Settlement Endorsement is attached to the HO-3 policy? D. Damage to property owned by the insured's tenant. The policy details the dollar amount for the standard coverage of various categories. C. Medical payments will pay for a maximum of 1 year from the date of the accident Members of the family under the age of 24 living at school away from the home Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? The homeowners policy contains which of the following types of insurance coverage? Which of the following is true regarding Section II of the Homeowners Policy? People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. 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 Broad perils coverage - These two Forms provide Broad Form Perils Coverage. A HO-3 policy provides coverage on which basis? Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? B) cost to have the dog put to sleep. C) The criminal, the crime, a police officer and a court of law. Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? The insurer can do this because losses to personal property are settled on what basis? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. ), $74,850.0035,798.00\begin{array}{r r} C) Scheduled personal property endorsement. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. replacement cost coverage is available by endorsement, for an additional premium. Physicians and Surgeons Floater A. Detached private structures on the residence premises What do you tell her? Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? A. What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? A. 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? Protection extends to additional types of loss above that covered by the homeowner's policy. What Does Homeowners Insurance Cover and Not Cover? The preferred stockholders are also due to receive dividends in arrears for one year. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. riot An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. 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. How big are the banks excess reserves? Which of the following would not be an insured under Section II of the Homeowners Policy? On wet pavement, the standard deviation of stopping distances is 32 feet. 45 Inherent vice Under a Homeowners policy, Coverage B is what percentage of Coverage A? Describe five common fees assessed on credit card accounts and how they can be avoided. A. commercial buildings Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. - does not cover a detached garage used for business, Under the special limits of liability section, the policy limits loss of theft of jewelry, watches, furs, and precious and semiprecious stones is $_____, The loss settlement provision of homeowners policies require that the insured carry a limit of insurance at least equal to, 80% of the full replacement cost of the dwelling. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. They believed that they did not get enough for this property because the settlement was based on actual cash value. What Is Personal Property Coverage? D. jewelry, A dry cleaner delivering clothes to customers should get: Laura's insurer paid $10,000 claim to reproduce the missing earring. Coverage A: Dwelling | Allstate Personal property coverage is designed to help protect your belongings. C. An attached garage all of the following are special personal property limits under a homeowners policy EXCEPT: a. Structures rented to someone who is not a tenant for use only as a private garage. A. buildings claim expenses All of the following are eligible for coverage under a homeowners policy except, Are eligible for homeowners policy if the mobile home endorsement is attached. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? The peril causing this loss is malicious mischief. 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. It extends Section II coverages to the insured's home day care business --- The Home Day Care Coverage Endorsement extends the coverage of the Homeowners Section II to the Day Care Business. These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. A) Special limits of liability. A. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. B. 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. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Covered up to 10% if kept at a location other than the main residence, True or False Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? Mrs. Delaney hired a contractor to build a deck on the back of her house. The Watercraft Liability endorsement provides which coverage? Liability - Section I of the Homeowners Policy contains the Property Coverages. 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. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Which of the following is true regarding an unendorsed HO-4 (tenants form)? A. Coverage F: Medical Expenses, Example that is covered under Coverage A: dwelling, Example that is covered under Coverage D: loss of use, The loss of income from the boarder in a house having to be moved, Example that is covered under additional coverages. Which statement is true concerning Section II of a Homeowners Policy? Charles Munyi has over eight years of experience as a personal finance writer. The Home Day Care endorsement does not provide which of the following? A. domestic transportation shipments 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. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? An insured has a personal property replacement cost endorsement under her homeowners policy. C. reservations Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. C. Home schooling is covered under a Homeowners Policy What Coverage C special limit of liability applies to the loss? B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. detached garages Coverage is provided to property of boarders not related to the insured You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. A. birthday gifts . Bart keeps a dog that is known in the neighborhood to be vicious. $1,500 for trailers not used with watercraft b. A Personal Article Floater can cover: A. broad C. Fine art floater The election process for the Academy Awards (for films) involves several stages and several different voting methods. \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. Learn about several types of riders that may be available on a home insurance policy. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. D. Coverage D of a Homeowners Policy covers additional living expenses. The extent to which a person feels enthusiastic, active and alert is known as ________. A Fine Art Floater: Medical payments coverage is not available for a residence employee }\\ B. Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. Property such as electronics, firearms, business property, and watercraft may have limitations. A typical homeowners policy does not cover. 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 Tom and Ann have just bought a condominium for their residence. All of the following definitions are true of a Homeowners Policy, except: 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. Well not relieve the insure of its policy obligations Insurer investigation expenses are in addition to the limits stated in Coverage E How can government use taxes to reallocate the use of resources in the economy? B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results "Personal Property Home Inventory." Open perils coverage is available by Endorsement for scheduled items at an additional premium. Animals, birds, fish Which of the following property is covered under the Homeowners Policy? B) cost to have the dog put to sleep. Other named peril losses are covered up to the Coverage C limit. A standard homeowners insurance policy covers your personal property up to a specific limit. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? 80% of the replacement cost. Gabriella lives in a multi-unit dwelling. 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. Floater insurance is a type of insurance policy that covers personal property that is easily movable and provides additional coverage over what normal insurance policies do not. Learn how coverage works. Learn more about how endorsements can affect your coverage. Mac bought a new gas grill from a local department store. Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. D) An insured, an agent, an insurer and a claim. C. Installation Floater George just returned from Europe with a beautiful Swiss watch valued at $10,000. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Under what section of her homeowners policy is the pool insured, if at all? Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. B. Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. B. fine art Personal Articles C. buildings Structures that are set apart from the dwelling by a clear space Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. A little later the grill explodes and damages Mac's home. B. Coverage D of a Homeowners Policy includes loss of income from an incidental business ---Coverage D does not cover loss of income from an incidental business. Installment Sales Floater Coverage may be increased beyond the $2,500 additional coverage (10.) The dwelling on the residence premises 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. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. The cause is determined to be a defect in the grill. D. $1,000, Ocean Marine covers: Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage Liability coverages are set forth in Section II of the Policy. Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? Which floater covers works of art sold by an art gallery on a consignment basis? Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: The amount specified for this ring in the schedule is $2,000. 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 Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. 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? Policyholders receive a full copy of their policy, which usually runs at least 20 pages. If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. A. affective events theory Under the HO-4 and HO-6, personal property is covered on which basis? Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. According to Menger, what was the main concern of individuals in early trade situations? An endorsement can settle personal property losses on a replacement cost basis.