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? D. Coverage D of a Homeowners Policy covers additional living expenses. B) Scheduled personal property endorsement. A. buildings C. buildings Accessed Oct. 15, 2021. American Family Insurance. C. Fine art floater trees, shrubs, plants C. a leased warehouse Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. D. Installation Floater. 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. The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. Which of the following is not true concerning Section II of the Homeowners Policy? `Lisa lost one of her emerald earrings. B. Damage caused intentionally by the insured's 10-year-old son B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? After cooking dinner, he turns off the gas to the grill. 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. What homeowners form would be most appropriate for their insurance needs? B. bridges owned by municipalities 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. Marc and Nancy insure their home for $300,000 with a homeowners policy. Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. What Is Personal Property Coverage? C. Home schooling is covered under a Homeowners Policy Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. A) Special limits of liability. Caterpillar had no preferred stock outstanding. 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. All of the following statements about the federal flood insurance program are true EXCEPT. A. 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} A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. Water Damage (Excluded from all homeowners policies), Supplementary payments of the homeowners policy section 2 are paid, Which of the following losses would be 100% covered under Coverage C-personal property, A $1,250 fur coat that was stolen from the premises, Material misrepresentation by the insured requires & Substantial change in risk insured requires. B. C) the neighbor's medical expenses. Retrieve copies of either the receipts or appraisals of each item. Because the medical payments limit applies per person, the insurer will pay actual expenses up to $5,000 per person: $5,000 + $4,000 + $3,000 + $2,000 + $1,000 = $15,000. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? C. The dwelling on the insured premises, plus any structures that are attached to the dwelling C. Medical payments will pay for a maximum of 1 year from the date of the accident no, because there are more than 4 units in the dwelling. A better solution. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. C. Installation Floater Which would NOT purchase a bailee's floater? A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. C. A hovercraft 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. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ Power failure, A dwelling policy covers all types of personal properties listed except Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. Installment Sales 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. $$ Select the person who is not considered an insured under an HO-3 policy? Cater pillar I nc. 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. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. Definition. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. D . $74,850.0035,798.00. B. $1,500 for trailers not used with watercraft b. C) Scheduled personal property endorsement. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. 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. B. fine art On what form is his policy written? C. 60 Personal property coverage is designed to help protect your belongings. C) The criminal, the crime, a police officer and a court of law. 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. Mac's homeowners policy pays for the damage to the home and grill. It provides Commercial General Liability coverage for the day care operation Which of the following is true regarding the HO-3 (Special Form)? Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? Kevin came home from work to find that his house had been vandalized. Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? The diamond fell out of its setting and was lost. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. A. inland marine C. furs and jewelry Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. A. a warehouse 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. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. A. An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. The cause is determined to be a defect in the grill. B. 80% of the replacement cost. B. negative state affect Customer Bailee Floater 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. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. What do you tell her? Coverage D of a Homeowners Policy includes loss of income from an incidental business Your insurance companys underwriting team will review and get back to you with the status of your request. replacement cost coverage is available by endorsement, for an additional premium. Wisconsin Office of the Commissioner of Insurance. A Personal Articles Floater: B. Which homeowners insurance form is appropriate for Marilyn and Dan? 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. B. mariners They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? 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. Coverage does not apply to property damage covered under Section I of the policy. B. a mobile home that is owner-occupied 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: D. jewelry, A dry cleaner delivering clothes to customers should get: The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. Personal Articles D. Camera floater, Which floater may be used to cover office equipment and furniture? 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. A. Molly's claim for damages under Coverage A of her policy was $200,000 and her claim for damages under Coverage C was $150,000. A. Choose the false statement regarding the coverage of property under a Homeowners Policy. In some situations, property owned by others may also be covered under a standard policy. C) Coverage C--Personal property increased limits. B. gun collections The HO-5 personal property coverages are insured on which basis? These duties include household and domestic services, such as those of a gardener or nanny. Structures rented to someone who is not a tenant for use only as a private garage. What is Scheduled Personal Property? Her jeweler will reproduce the lost earring for $10,000. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Scheduled personal property works in two ways: increasing policy limits to cover more expensive items and protecting these items from a more significant number of . This year, $500,000\$ 500,000$500,000 is to be distributed. 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. includes: The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. C. Contractor's Equipment Floater Which of the following is not covered if the insured has broad peril coverage? The insurance company says it will replace the watch instead of making a loss payment. B. claim expenses ), $74,850.0035,798.00\begin{array}{r r} An insurance deductible doesnt apply to this coverage. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. Although she is willing to accept the insurer's settlement offer for the ceiling, walls, and hardwood floors, she objects to the insurer taking into account depreciation of the furniture and clothing. 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. Kevin is looking for a job as a piano technician. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except D) An insured, an agent, an insurer and a claim. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. 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. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. Is personal property that is usually located in a secondary residence covered under Coverage C? True or False? Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. replacement cost coverage is available by endorsement, for an additional premium. explosion Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? Liability coverages are set forth in Section II of the Policy. According to Menger, what was the main concern of individuals in early trade situations? Tom and Ann have just bought a condominium for their residence. Coverage D: Loss of Use, Coverage E: Liability Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? A Homeowners Policy will not cover theft of a boat away from premises What is it? A. Round to the nearest dollar. | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: B. provides all-risk coverage. They want to buy insurance to cover their personal property and protect them against liability claims from third parties. A rare and expensive gun was stolen from it. 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. Commercial floaters cover: Accessed Oct. 15, 2021. After ttt months on the job, a postal clerk can sort Q(t)=700400e0.5tQ(t)=700-400 e^{-0.5 t}Q(t)=700400e0.5t letters per hour. C. exports 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. B) cost to have the dog put to sleep. 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. An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. fire dept service charge & \$74,850.00\\ B. She purchased the necessary lumber and it's piled in her back yard. D. 90. 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. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? 45 She wonders what the endorsement does. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? The coverage will pay for any increase in living expenses required to maintain the insured's normal standard of living - Coverage D is intended to pay only the increase in the insured's normal living expenses occasioned by the loss. Members of the family under the age of 24 living at school away from the home motorized wheelchairs What is the difference in the weekly salaries of these two jobs? Borrowed property meets the definition of contents Describe the procedure and comment on its fairness. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. B. The right of privacy was not acknowledged as a separate right until the 1960s. A. For more jewelry. Scheduled personal property endorsement. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. 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. | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence The policy details the dollar amount for the standard coverage of various categories. Round to one decimal place. What is relocation diffusion in human geography? C. It covers injury to an employee, as well as attendees, arising out of day care operations Personal property is covered worldwide. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Losses to dwellings and other structures are paid at replacement cost. fences Derek's agent tells him. D. jewelry, Inland Marine covers: 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. D. Coverage is not provided to a garage rented for private garage purposes. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ Under what section of her homeowners policy is the pool insured, if at all? Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Debris removal 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? 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. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Which of the following is considered personal property not covered by the homeowners policy? 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. Which of the following claims would be covered by the First Aid Expenses under 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. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. 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? Policyholders receive a full copy of their policy, which usually runs at least 20 pages. 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. Relatives of the named insured, meaning they are related by blood, marriage, or adoption Mr. Conrad lives on the second floor of a duplex he bought. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. Structures that are set apart from the dwelling by a clear space Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. The standard mortgage clause specifies the rights and duties of the mortgagee which include, Paying the premium if the insured fails to do so, The homeowners forms contain certain additional coverage. B) cost to have the dog put to sleep. A) 5% of the Coverage A limit. 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? When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? sailboats Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. The property section of the homeowners policy excludes coverage for certain types of property. 13 Q D. Damage to property owned by the insured's tenant. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? C. reservations A Personal Article Floater can cover: (Round to the nearest cent. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. D) Personal property replacement cost endorsement. Which form is designed for the unit-owner of a condominium? Also known as. A. birthday gifts George just returned from Europe with a beautiful Swiss watch valued at $10,000. An endorsement can settle personal property losses on a replacement cost basis. D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? D. Private structures owned by the insured at other locations. B. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Which of the following would not be an insured under Section II of the Homeowners Policy? Throwing cargo into the sea to save a sinking ship is: Which endorsement would have provided a better loss settlement? 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? A. theft, Additional coverages found in all homeowners forms include, Debris removal intended use What endorsement do you recommend? On a standard homeowners policy, coverage divides into categories including. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. You tell her that by adding this endorsement the insurer agrees to pay the lowest of the following values, for most types of property insured on the endorsement, EXCEPT: Beatrice works from her home, on a part-time basis, as a hairdresser. }\\ A. ships' cargo B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? 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. 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. A floater can be used to insure each of the following except: 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. D. floaters, Each of the following is covered by Inland Marine EXCEPT: 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 Medical payments coverage is not available for a residence employee B. single family homes 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 amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. $100 C. 100% of the actual cash value. The election process for the Academy Awards (for films) involves several stages and several different voting methods. & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ Which of the following would not be included in the meaning of 'insured' in a homeowners policy? A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events.
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