the scheduled personal property endorsement quizlet

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? An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. 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 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. What Coverage C special limit of liability applies to the loss? In what type of home does Mrs. Zabinski live? He is concerned that his homeowners policy will not provide enough coverage. Relatives of the named insured, meaning they are related by blood, marriage, or adoption 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 On what basis was the loss settled? These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. As their agent, which homeowners coverage form should you offer them? Coverage is provided to property of boarders not related to the insured You may not realize the value of what you own until your home is damaged or vandalized. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. B. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? 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. A. a duplex that is owner-occupied A) damage to the neighbor's yard. Collapse (Is included in HO-2, 3, 4, 5, and 6, Which of the following coverages applies to personal property owned or used by an insured and is included in all homeowners policies. Another job he found has a weekly salary of $1,120. B. Exhibition floater "Homeowners Insurance Guide." Under a Homeowners policy, Coverage B is what percentage of Coverage A? C. An attached garage Gabriella lives in a multi-unit dwelling. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. Which of the following homeowners policies covers tenants or renters? Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. Covered up to 10% if kept at a location other than the main residence, True or False Damage to Property of Others coverage is provided up to a specified limit regardless of negligence B. Dwellings under construction are covered for theft This modifies the basis of loss settlement from ACV to replacement value. Which endorsement would have provided a better loss settlement? A. A. American Family Insurance. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? What limitations, if any, apply to cash and securities? subrogate the claim to seek recovery from the manufacturer. Today, it's replacement value is $60K. Most Personal Articles Floaters are written on: Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. 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. Of the following statements concerning Homeowners policies, which is correct? Debris removal The cause is determined to be a defect in the grill. Question 54 of 63 D. Contractor's Equipment Floater, Inland Marine will NOT cover: All of the following statements about the federal flood insurance program are true EXCEPT. motorized wheelchairs Which of the following is not an Additional Coverage on the homeowners policy? 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 of the following is not an option available to Laura? for landlord . Which statement is true concerning Section II of a Homeowners Policy? Which of the following would not be included in the meaning of 'insured' in a homeowners policy? B. $$ A. covers public art collections. Money is covered up to $500 per occurrence - The limit on money is $200. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. 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 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. 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. One day the dog attacks a neighbor while she is working in her own yard. Power failure, A dwelling policy covers all types of personal properties listed except D. Coverage is not provided to a garage rented for private garage purposes. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? The policy details the dollar amount for the standard coverage of various categories. 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? These duties include household and domestic services, such as those of a gardener or nanny. keep the $10,000 loss payment and the recovered property. C. a leased warehouse 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. What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? A. Dwellings under construction are covered for theft 45 On dry pavement, the standard deviation is 16 feet. Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. B. gun collections C. all-risk Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. C. Coverage is not provided to a garage rented for private garage purposes NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. C. The insured's tenant B) cost to have the dog put to sleep. C. 60 She purchased the necessary lumber and it's piled in her back yard. 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. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. fire A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. Which of the standard homeowners policies includes malicious mischief as a named peril? A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. A) Special limits of liability. 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. replacement cost coverage is available by endorsement, for an additional premium. B. an open perils (all-risk) basis. In some situations, property owned by others may also be covered under a standard policy. A HO-3 policy provides coverage on which basis? Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage 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. Which would NOT purchase a bailee's floater? Which of the following statements about coverage under the federal flood insurance . 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. A Special personal property. & \$74,850.00\\ Her agent recommends a. A) 5% of the Coverage A limit. Which of the following Coverages is not found under Section I of the Homeowners Policy? A show dog 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. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? A. warehouses D. Medical payments coverage is available for the insured and resident relatives. Losses to dwellings and other structures are paid at replacement cost. B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. . reasonable repairs riot 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. ), $74,850.0035,798.00\begin{array}{r r} C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises Which of the following is not true concerning Section II of the Homeowners Policy? Mac's homeowners policy pays for the damage to the home and grill. Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? lawnmowers, Bodily injury to others Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. She wonders what the endorsement does. Each of these payouts would be subject to a deductible. Mrs. Delaney hired a contractor to build a deck on the back of her house. The coverage for Damage to Property of Others excludes property that is covered in Section I The assigning of the value of the insuredproperty will vary by the insurance provider. D) Personal property replacement cost endorsement. A. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss.