D. 90. Determine the earnings per share for Years 13. C. exports no, because there are more than 4 units in the dwelling. Scheduled personal property endorsement. personal property of roomers or boarders is excluded under the homeowners policy. What is the average rate at which the clerk sorts mail during the first 3 months on the job? 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. B. PERSONAL INLAND MARINE - The Rough Notes Company Inc. A. cattle shipped to market $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 A) Coverage C--Personal property. The pair of earrings cost $15,000 and was recently valued at $20,000. 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. George just returned from Europe with a beautiful Swiss watch valued at $10,000. B. bridges owned by municipalities 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. Water damage The Tuttles own a late-19th century Victorian home. Under the holdback requirement of a homeowners policy, the insurer must pay only the actual cash value of the loss until the actual repair or replacement is completed, subject to one exception. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. Choose the true statement concerning Homeowners Policies. 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. D. a good mood. "Scheduled Personal Articles Insurance Coverage." Which of the following is true regarding Section II of the Homeowners Policy? What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? Which would NOT purchase a bailee's floater? Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except B. provides all-risk coverage. D. Coverage F limits are subject to a deductible. Round to the nearest dollar. civil commotion D. Coverage D of a Homeowners Policy covers additional living expenses. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ A. barratry Coverage D of a Homeowners Policy includes loss of income from an incidental business 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. Personal Articles 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. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? 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. Is personal property that is usually located in a secondary residence covered under Coverage C? \end{matrix} Natalie offers to rent a room in her home to a local college student. Caterpillar had no preferred stock outstanding. The court orders that the animal be put to sleep. A. a stated value basis. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. 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? On a standard homeowners policy, coverage divides into categories including. A. domestic transportation shipments What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. A little later the grill explodes and damages Mac's home. 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. 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. 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. Detached private structures on the residence premises Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. $100 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. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. For a homeowners policy, which one of the following statements about insuring personal property normally kept at a residence other than the residence premises is CORRECT? 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 ), $74,850.0035,798.00\begin{array}{r r} Renters Insurance Coverage and Policies | Allstate 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. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. A better solution. With actual cash value, loss is depreciated based on age and condition. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. CH. 5 Homeowners Flashcards | Quizlet Liability coverages are set forth in Section II of the Policy. keep the $10,000 loss payment and the recovered property. Relatives of the named insured, meaning they are related by blood, marriage, or adoption Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. B. imports Theft from a dwelling under construction prior to its occupancy Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. What endorsement do you recommend? What is Farm Personal Property Insurance - amfam.com D) Whatever it will reasonably cost. C. reservations Which of the following is true regarding eligibility of a 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. D. Any person legally responsible for watercraft owned by an insured. 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 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. Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. C. golf clubs Other named peril losses are covered up to the Coverage C limit. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. Coverage may be increased beyond the $2,500 additional coverage (10.) These duties include household and domestic services, such as those of a gardener or nanny. Liability - Section I of the Homeowners Policy contains the Property Coverages. A neighbor is injured while helping the insured install a carpet --- First Aid Expenses Coverage applies to first aid to others caused by Bodily Injury covered under the policy, but does not pay for first aid to an insured. Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? 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. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. The replacement value of the home is $450,000. Moving property adds some risks you don't normally face, so it makes sense to protect your farm personal property if you're going to be moving it from place to place. C. stated value Power failure, A dwelling policy covers all types of personal properties listed except A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. B. inherent vice }\\ Personal property coverage is designed to help protect your belongings. The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. (Round to the nearest cent. The stone could be replaced for $1,700. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. Property & Casualty Flashcards by Elizabeth Brandt | Brainscape B. D. Installation Floater, Tourist luggage is insured by which floater? Scheduled Personal Property For Your Valuables | Hippo What is Scheduled Personal Property? | Bankrate 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. Insurance coverage options for fine arts | PropertyCasualty360 Scheduled personal property coverage is an endorsement you can add to your home insurance. D. jewelry, A dry cleaner delivering clothes to customers should get: Costs the insured was already paying before incurring the loss are not covered. Scheduled personal propertyalso called an endorsement, floater or rideris an optional coverage to your homeowners insurance policy (or a renters or condo policy) that provides more. Under a Homeowners policy, Coverage B is what percentage of Coverage A? B. 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. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage They want to buy insurance to cover their personal property and protect them against liability claims from third parties. Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ Your insurance companys underwriting team will review and get back to you with the status of your request. Marc and Nancy insure their home for $300,000 with a homeowners policy. 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. She purchased the necessary lumber and it's piled in her back yard. A floater can be used to insure each of the following except: B) Special property limits. A. fur coats What homeowners form would be most appropriate for their insurance needs? Bridget reported the theft of her Rolex watch to her insurance company. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. 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. B. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? A standard homeowners insurance policy covers your personal property up to a specific limit. A standard homeowners insurance policy covers personal items up to a specific dollar limit, beyond which an insurance company wont compensate you in the event of a loss. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. Throwing cargo into the sea to save a sinking ship is: Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? D. The Damage to Property of Others duplicates coverage that is included in Section I. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. replacement cost coverage is available by endorsement, for an additional premium. B. single family homes A Homeowners Policy will not cover theft of a boat away from premises A. affective events theory The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. furniture Which of the following is true regarding the HO-3 (Special Form)? Losses to dwellings and other structures are paid at replacement cost. 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? CH 24 rsk mgmt Flashcards | Chegg.com Definition and If You Need It, Fire Insurance: Definition, Elements, How It Works, and Example, Rider: Definition, How Riders Work, Types, Cost, and Example, Personal Property: Definition, Examples, and Role in Insurance. Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. B. negative state affect C. Home schooling is permitted under a Homeowners Policy An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Scheduled personal property coverage provides three specificadvantages that extend beyond the benefits of a standard insurance policy: By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. A. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? How would a covered loss to their home be settled or adjusted? The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Charles Munyi has over eight years of experience as a personal finance writer. replacement cost coverage is available by endorsement, for an additional premium. Homeowners insurance Quiz Flashcards | Quizlet In what type of home does Mrs. Zabinski live? A. 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. After cooking dinner, he turns off the gas to the grill. Homeowners Property Coverage Flashcards | Quizlet CA Personal Lines Flashcards What is Scheduled Personal Property? Two years ago, the insured bought the home for $58K. A. Bart keeps a dog that is known in the neighborhood to be vicious. 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. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: $$ The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Property damage coverage included damage from insects, weathering, and wear and tear. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? A. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. Section II is the same in all Homeowners Forms - Since the liability exposures of individuals and families have little to do with their mode of residence, Section II is the same in all Homeowners Policy forms. A. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. The earthquake endorsement is attached to Paulina's homeowners policy. Which statement is true concerning Section II of a Homeowners Policy? A. - any other residents who are under 21 and in the care of any member of the insured's family }\\ D. Private structures owned by the insured at other locations. Describe five common fees assessed on credit card accounts and how they can be avoided. A) damage to the neighbor's yard. What does the representative tell them? 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. One day the dog attacks a neighbor while she is working in her own yard. What coverage on her homeowners policy will pay for the necessary increase in living expenses she incurs because of her evacuation by a civil authority? Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. 45 C. homes D. It covers injury to attendees while loading or unloading them from draft or saddle animals. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Which type of liability limit applies to Medical Payments coverage? Which of the following is not covered if the insured has broad peril coverage? D. floaters, Each of the following is covered by Inland Marine EXCEPT: 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. Get home insurance quotes for scheduled personal property coverage Compare rates Personal Property Replacement Cost Loss Settlement. An insurer is not required to accept any property that an insured has. - &35,798.00\\ \hline \begin{matrix} HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. 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. A. C. fine art intended use The insurer can do this because losses to personal property are settled on what basis? 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. B. Round to one decimal place. 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. You may not realize the value of what you own until your home is damaged or vandalized. B. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. D. loading docks and cattle shipped to market, All-risk policies cover: The property section of the homeowners policy excludes coverage for certain types of property. Which of the following would not be eligible to purchase a Homeowners Policy? Which statement is correct? The endorsement provides replacement cost coverage on certain building items that are expressly excluded from the replacement cost coverage applicable to buildings: awnings, carpeting, household appliances, outdoor antennas, and outdoor equipment, in addition to replacement cost coverage on personal property. D . The factors involved in location decisions include. Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises D. Installation Floater. He keeps a considerable amount of cash and other valuables on him and around his home. Other structures, which include items such as sheds, fences, and the mailbox. A Homeowners Policy will not cover theft of a boat away from premises Which floater covers works of art sold by an art gallery on a consignment basis? vandalism and malicious mischief Personal property on most policies include clothing, shoes, furniture,appliances, and other items. They would not recover their loss in full because they were not insured to value. Joaquin wants both property and liability insurance in one policy. Special coverage for jewelry and other valuables - III Each insurance company will value your personal property differently. 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. D. commercial buildings. 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. What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? B. a mobile home that is owner-occupied Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. A. 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. A. a duplex that is owner-occupied sailboats An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. 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. detached shed from which a tool repair business is operated.