B. Theft from a dwelling under construction prior to its occupancy These duties include household and domestic services, such as those of a gardener or nanny. 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. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. By purchasing a scheduled personal. You also have up to $500 of coverage for unauthorized use of your credit cards. 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. pools An insurer is not required to accept any property that an insured has. What Is an Insurance Endorsement? | Allstate - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. The insurer can do this because losses to personal property are settled on what basis? Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. In some situations, property owned by others may also be covered under a standard policy. B) cost to have the dog put to sleep. Which statement is correct about these forms? A. DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. C. reservations reasonable repairs Two years ago, the insured bought the home for $58K. $0 Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. They would not recover their loss in full because they were not insured to value. B. Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. 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? By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. Which of the following would not be an insured under Section II of the Homeowners Policy? What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? "Homeowners Insurance Guide." The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. chapter 12 p and c course Flashcards | Quizlet Which of the following is not one of these duties? 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? Personal property on most policies include clothing, shoes, furniture,appliances, and other items. \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. With actual cash value, loss is depreciated based on age and condition. vandalism and malicious mischief B. A Personal Articles Floater: All of the following would be included in the definition of 'insured location', except: A 5-family dwelling in which the insured lives in one of the units, including the structures and grounds ----Eligible residential dwellings are those containing one to four residential units and no more than 2 roomers or boarders per family. 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. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. D) damage to the neighbor's clothing. A. buildings Homeowners Property Coverage Flashcards | Quizlet Under what coverage part of her homeowners policy is the lumber insured? The election process for the Academy Awards (for films) involves several stages and several different voting methods. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? A. If her ring is stolen, the insurer will pay (given a $250 deductible)? D. provides named peril coverage. For more jewelry. In order to be covered by a scheduled personal property endorsement, the policyholder's personal property must be listed in the schedule, or list, for coverage. A. warehouses Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy 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. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. Learn how coverage works. Chapter 8 Flashcards by Antonio Abarca | Brainscape Chapter 4: Homeowners Flashcards | Quizlet She purchased the necessary lumber and it's piled in her back yard. (Round to the nearest cent. C) Scheduled personal property endorsement. The required reserve ratio is 10 percent. D. floaters, Each of the following is covered by Inland Marine EXCEPT: all of the following are special personal property limits under a homeowners policy EXCEPT: a. A. a warehouse Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. sailboats 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 The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. 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. Broad perils coverage - These two Forms provide Broad Form Perils Coverage. An insured has how many days grace period to get most Floater items scheduled? B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? Debris removal Derek's agent tells him. D. jewelry, Inland Marine covers: A. (The home cannot contain more than 4 families), are also eligible for homeowners policy if the named insured is to be the occupant, Which of the following is the correct formula used to calculate ACV, Loss sustained while the injured party is on an insured location with any insured's permission is covered under, The insurance limit for coverage B-other structures is, 10% of Coverage A (Except for HO-4 and HO-6), All of the homeowners forms provide identical. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. A model airplane Home Replacement Cost vs Actual Cash Value | Allstate B. fine art Under an HO-3 policy, what is the coinsurance requirement? D. jewelry, A dry cleaner delivering clothes to customers should get: 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. 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. A windstorm damages Tyrone and Belinda's garage and screened-in porch. 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. The homeowners policy contains which of the following types of insurance coverage? For example,traditionalcoverage may cover the loss from a fire or theft. A. A. affective events theory A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Record every valuable possession in your house and copy the serial numbers. explosion Marc and Nancy insure their home for $300,000 with a homeowners policy. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. 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. Losses to dwellings and other structures are paid at replacement cost. B. actual cash value, The least likely method of payment for loss under a Floater is: 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. Structures rented to someone who is not a tenant for use only as a private garage. B. negative state affect B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Physicians and Surgeons Floater Scheduled personal property coverage is an endorsement you can add to your home insurance. Scheduled Personal Property For Your Valuables | Hippo 1,500 for jewelry; $2,500 for theft of firearms. $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. Charles Munyi has over eight years of experience as a personal finance writer. Liability for loss to use of another's property Laura's insurer paid $10,000 claim to reproduce the missing earring. 1 The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. Both the cemetery plot and greenhouse are located at the residence premises. 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 A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. What endorsements allows an insured to purchase coverage in excess of the special limits of liability contained in the homeowners policy for certain items of personal property'such as jewelry, fine arts, and musical instruments'and also broadens coverage? 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. What is relocation diffusion in human geography? Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. aircraft Coverage does not apply to property damage covered under Section I of the policy. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? How much money would she have to earn each year before it was considered a business activity under a homeowners policy? A floater can be used to insure each of the following except: Medical payments coverage is not available for a residence employee A. ACV 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. A Homeowners Policy will not cover theft of a boat away from premises Property damage coverage included damage from insects, weathering, and wear and tear. B. Renters Insurance Coverage and Policies | Allstate Renters insurance can do more than help protect your property. Each insurance company will value your personal property differently. property removed, Section II provides coverage to third parties including, first aid provided by the insure Chapter 5 - Homeowners Policy Flashcards | Quizlet B. basic Bridget reported the theft of her Rolex watch to her insurance company. A Quick Guide on How to Insure Jewelry - Investopedia A HO-3 policy provides coverage on which basis? A. A. cattle shipped to market C. Borrowed property meets the definition of contents 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. Coverage D of a Homeowners Policy includes loss of income from an incidental business 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 Costs the insured was already paying before incurring the loss are not covered. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. D. loading docks and cattle shipped to market, All-risk policies cover: Scheduled Personal Articles Insurance Coverage, Other structures that are not attached to your house, including fences and storage sheds, Additional living expenses if you move out of your house (loss of use coverage), Medical bills for someone injured on your property. D. Installation Floater. C. An attached garage A show dog 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. B. single family homes Describe the procedure and comment on its fairness. A standard homeowners insurance policy covers your personal property up to a specific limit. What is the amount of the dividend s in arrears? On dry pavement, the standard deviation is 16 feet. 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. A. covers public art collections. D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? 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 Fine Art Floater: Borrowed property meets the definition of contents Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Learn about what is typically covered in a renters policy and additional coverages you may want to consider. Why You Should Consider Scheduled Personal Property Coverage C. Payment under Damage to Property of Others is made regardless of negligence C. Contractor's Equipment Floater $$, 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. Installment Sales Floater The HO-5 personal property coverages are insured on which basis? 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. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? 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 Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. The Home Day Care endorsement does not provide which of the following? Scheduled personal property endorsement Crew of ships are covered by the? Question 54 of 63 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? B. inherent vice Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? Fred and Sharon live in an older home whose replacement cost far exceeds its market value. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. 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. D. Medical payments coverage is available for the insured and resident relatives. The property section of the homeowners policy excludes coverage for certain types of property. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? A. a stated value basis. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises Covered up to 10% if kept at a location other than the main residence, True or False `Lisa lost one of her emerald earrings. C) The criminal, the crime, a police officer and a court of law. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. 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. for landlord . To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. Personal property coverage is designed to help protect your belongings. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. D. a good mood. B. provides all-risk coverage. Under what section of her homeowners policy is the pool insured, if at all? Which statement is false? C. fine art Types of Homeowners Insurance (Policy Forms) | Credible A Special personal property. B. a mobile home that is owner-occupied C. Contractor's Equipment Floater Under the HO-4 and HO-6, personal property is covered on which basis? She wonders what the endorsement does. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. In contrast, a traditional homeowners policy covers the property on an actual cash value basis. C) No coverage is available. \end{array} Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . D) Personal property replacement cost endorsement. How can government use taxes to reallocate the use of resources in the economy? This modifies the basis of loss settlement from ACV to replacement value. Damage caused intentionally by the insured's 10-year-old son B. bridges owned by municipalities Also known as scheduled personal property coverage, this is a way to raise the coverage limits of specific high-value items, such as valuable family heirlooms, that you own. The land on which the dwelling is located 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) the neighbor's medical expenses. Joaquin wants both property and liability insurance in one policy. 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. Take pictures of all items and receipts, and send them to your insurer. Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. 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. B. stamp and coin collections These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. B. imports and exports In addition, it provides personal liability coverage. D. Any person legally responsible for watercraft owned by an insured. lawnmowers, Bodily injury to others A. 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. Installment Sales Floater However, which type of property is covered? Coverage C: Personal Property The right of privacy was not acknowledged as a separate right until the 1960s. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. Coverage B: Other Structures B. an open perils (all-risk) basis. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? D. It covers injury to attendees while loading or unloading them from draft or saddle animals. As their agent, which homeowners coverage form should you offer them? 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. $$ 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? Today, it's replacement value is $60K. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. In what type of home does Mrs. Zabinski live? A. Eloise installed an in-ground swimming pool in the back yard of her home. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. \end{array} The cause is determined to be a defect in the grill. Determine the number of times interest charges are earned for 2014 and 2013. Commercial floaters cover: How was this claim paid? A. Under the cancellation condition, the insurer can cancel for any reason with 10 days' written notice to the insured during, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. Mac's homeowners policy pays for the damage to the home and grill. 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.