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. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. 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. Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. Well not relieve the insure of its policy obligations D. jewelry, A dry cleaner delivering clothes to customers should get: lightning B. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. Marilyn and Dan live in an apartment. D. a townhouse that is owner-occupied, Loss arising out of acts the insured expects or intends is excluded under both Coverage ___ and Coverage ___, What is true regarding personal liability coverage, It is added by endorsement to the dwelling policy, but automatically included in the homeowners policy, Coverage E - Personal Liability provides coverage to the insured if, a claim is made or a sit is brought against the insured for damages because of bodily injury to property damage to others, Additional coverages for coverage A for trees, shrubs, plants, or lawns, loss caused by: D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. Structures that are set apart from the dwelling by a clear space Bart keeps a dog that is known in the neighborhood to be vicious. The right of privacy was not acknowledged as a separate right until the 1960s. The homeowners policy contains which of the following types of insurance coverage? 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. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. Choose the false statement regarding the coverage of property under a Homeowners Policy. What Is an Insurance Endorsement? detached garages Scheduled Personal Property Definition - Investopedia The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence A. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{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. 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. For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. no, because there are more than 4 units in the dwelling. 1,500 for jewelry; $2,500 for theft of firearms. The preferred stockholders are also due to receive dividends in arrears for one year. 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. The property section of the homeowners policy excludes coverage for certain types of property. D) Personal property replacement cost endorsement. 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. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. 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. D) Personal property replacement cost endorsement. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. Mac's homeowners policy pays for the damage to the home and grill. It provides Commercial General Liability coverage for the day care operation Of the following statements concerning Homeowners policies, which is correct? Their homeowners policy imposes certain duties on them when a loss occurs. Learn more about how endorsements can affect your coverage. Insurer investigation expenses are in addition to the limits stated in Coverage E Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. - 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. C. Home schooling is permitted under a Homeowners Policy Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. How Much Homeowners Insurance Coverage Do I Need? The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. Animals, birds, fish Property and Casualty Flashcards | Chegg.com Coverage D of a Homeowners Policy includes loss of income from an incidental business claim expenses All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Homeowners' Endorsements- the Details Make the Difference Personal Articles Floater, Inland Marine policies are called? The pair of earrings cost $15,000 and was recently valued at $20,000. 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. B. D. The Damage to Property of Others duplicates coverage that is included in Section I. The factors involved in location decisions include. C. Coverage is not provided to a garage rented for private garage purposes Sandra, Lynn, and Carole inherited their family home from Mrs. North. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. vandalism and malicious mischief $$, 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. Which would NOT purchase a bailee's floater? The HO-5 personal property coverages are insured on which basis? D. Territorial Limits. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. CA Personal Lines Flashcards Which of the following property is covered under the Homeowners 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? A. B. 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. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? Round to the nearest dollar. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results A. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. They would not recover their loss in full because they were not insured to value. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. One day the dog attacks a neighbor while she is working in her own 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. 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 amount specified for this ring in the schedule is $2,000. Theft from a dwelling under construction prior to its occupancy As their agent, which homeowners coverage form should you offer them? Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Describe the procedure and comment on its fairness. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? Bridget reported the theft of her Rolex watch to her insurance company. Another job he found has a weekly salary of $1,120. Marc and Nancy insure their home for $300,000 with a homeowners policy. Your insurance companys underwriting team will review and get back to you with the status of your request. B. 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. DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. D. floaters, Each of the following is covered by Inland Marine EXCEPT: A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. B) Special property limits. What is Farm Personal Property Insurance - amfam.com Coverage D: Loss of Use, Coverage E: Liability Each insurance company will value your personal property differently. $0 Which statement is correct about these forms? Scheduled Vs. Unscheduled Personal Property Coverage | Grange Insurance For more jewelry. "Scheduled Personal Articles Insurance Coverage." An endorsement can settle personal property losses on a replacement cost basis. 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. He keeps a considerable amount of cash and other valuables on him and around his home. ), $74,850.0035,798.00\begin{array}{r r} What homeowners form would be most appropriate for their insurance needs? Derek's agent tells him. B. They believed that they did not get enough for this property because the settlement was based on actual cash value. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. 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. 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. On dry pavement, the standard deviation is 16 feet. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. fire Determine the earnings per share for Years 13. B. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. The dwelling on the residence premises A. commercial buildings She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. 45 What Does Homeowners Insurance Cover and Not Cover? Debris removal 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. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. C) The criminal, the crime, a police officer and a court of law. Retrieve copies of either the receipts or appraisals of each item. Her jeweler will reproduce the lost earring for $10,000. Throwing cargo into the sea to save a sinking ship is: 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. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. 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. Which endorsement would have provided a better loss settlement? The election process for the Academy Awards (for films) involves several stages and several different voting methods. D. Coverage F limits are subject to a deductible. A. domestic transportation shipments Which of the following statements about coverage under the federal flood insurance . Chapter 8 Flashcards by Antonio Abarca | Brainscape C. all-risk 30 What is the average rate at which the clerk sorts mail during the first 3 months on the job? aircraft B. By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Personal property coverage is designed to help protect your belongings. Describe five common fees assessed on credit card accounts and how they can be avoided. What is the amount of the dividend s in arrears? Renters Insurance Coverage and Policies | Allstate Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . "Homeowners Insurance Guide." 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. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. This year, $500,000\$ 500,000$500,000 is to be distributed. furniture 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. C. $250 Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? B. provides all-risk coverage. A) Special limits of liability. 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. B. salespersons' samples, Marine Transportation Insurance covers: Which of the following would not be an insured under Section II of the Homeowners Policy? When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? Coverage B: Other Structures Liability coverages are set forth in Section II of the Policy. & \$74,850.00\\ C. The insured's tenant Two years ago, the insured bought the home for $58K. A. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured

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