the scheduled personal property endorsement quizlet

A. 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 B. mariners 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. 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. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. A. B. aircraft The insurance company says it will replace the watch instead of making a loss payment. But here are the steps you can take to get the right amount of scheduled personal property insurance: You may need to take a picture of your item on top of the appraisal or receipt if youre insuring jewelry. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. property removed, Section II provides coverage to third parties including, first aid provided by the insure Which of the following is not covered if the insured has broad peril coverage? Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? A model airplane Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. What Is Personal Property Coverage? Open perils coverage is available by Endorsement for scheduled items at an additional premium. Property and Casualty Flashcards | Chegg.com A floater can be used to insure each of the following except: . "Scheduled Personal Articles Insurance Coverage." The Home Day Care endorsement does not provide which of the following? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. Under a Homeowners policy, Coverage B is what percentage of Coverage A? 7 Q An insured's home is covered by a DP-3. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. Does Homeowners Insurance Cover Damaged or Lost Jewelry? Scheduled Personal Property | Definition | Kin Insurance Scheduled personal property. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. The land on which the dwelling is located detached garages 13 Q Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. B. basic B. a mobile home that is owner-occupied Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy B. B) Scheduled personal property endorsement. B. Policyholders are not subject to a deductible on scheduled items. C) Scheduled personal property endorsement. Which of the following is true regarding the HO-3 (Special Form)? \end{array} Homeowners insurance Quiz Flashcards | Quizlet B. provides all-risk coverage. What Is an Insurance Rider in a Homeowners Policy? | Allstate 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. A. cattle shipped to market D. Contractor's Equipment Floater, Inland Marine will NOT cover: The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. 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. civil commotion 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. $1,500 for trailers not used with watercraft b. Laura's insurer paid $10,000 claim to reproduce the missing earring. He is concerned that his homeowners policy will not provide enough coverage. Both the cemetery plot and greenhouse are located at the residence premises. Mac's homeowners policy pays for the damage to the home and grill. His insurance agent suggests that he add which endorsement to adequately cover his watch? B. stamp and coin collections Note: We don't currently offer the ability to schedule property, but stay tuned! 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. C. Fine art floater A. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. Under an HO-2 policy with a coverage limit of $50,000 on the dwelling, what is the amount of personal property coverage that would be available? What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? D. Coverage D of a Homeowners Policy covers additional living expenses. Which of the following is not one of these duties? Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. Texas Department of Insurance. George just returned from Europe with a beautiful Swiss watch valued at $10,000. What endorsement do you recommend? 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. The property section of the homeowners policy excludes coverage for certain types of property. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. C. Vermin C. exports 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. War (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. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? B) cost to have the dog put to sleep. P & C Licensing Exam Flashcards | Chegg.com 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? C. is an unscheduled blanket policy. The pair of earrings cost $15,000 and was recently valued at $20,000. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. D . Of the following statements concerning Homeowners policies, which is correct? A. covers inherent vice. True or False? "Homeowners Insurance Guide." Debris removal A. domestic transportation shipments For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. B. covers private art works. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. 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. Borrowed property meets the definition of contents explosion He has a homeowners policy and wonders if it covers the business equipment. Insurance coverage options for fine arts | PropertyCasualty360 Which statement is true concerning Section II of a Homeowners Policy? A. 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. 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? Other structures, which include items such as sheds, fences, and the mailbox. 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. D) damage to the neighbor's clothing. Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. The court orders that the animal be put to sleep. \end{matrix} A. Michael and Tricia have spent much time and money to landscape their property. The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. 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? riot Describe the procedure and comment on its fairness. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. no, because there are more than 4 units in the dwelling. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. A. Under an HO-3 policy, what is the coinsurance requirement? The different classes of property that are eligible for coverage . Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. Scheduled Vs. Unscheduled Personal Property Coverage | Grange Insurance Association Grange Insurance Association's (GIA) Annual Policyholder Meeting will be held on Monday, March 20, at 10:00 a.m. It includes various perils outside your typical dwelling coverage. Does homeowners insurance cover theft outside the home? Installment Sales Floater Cater pillar I nc. How was this claim paid? Money is covered up to $500 per occurrence - The limit on money is $200. - &35,798.00\\ \hline Derek's agent tells him. D. Coverage D of a Homeowners Policy covers additional living expenses. Chapter 8 Flashcards by Antonio Abarca | Brainscape Personal property on most policies include clothing, shoes, furniture,appliances, and other items. Which type of liability limit applies to Medical Payments coverage? D. Any person legally responsible for watercraft owned by an insured. Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. B. inherent vice Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. Coverage A: Dwelling What definition in his homeowners policy describes his home? On dry pavement, the standard deviation is 16 feet. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. PERSONAL INLAND MARINE - The Rough Notes Company Inc. Get home insurance quotes for scheduled personal property coverage Compare rates The most common perils covered by an HO-1 policy include: Fire or lightning Smoke Windstorms or hail Explosion Aircraft Vehicles Vandalism Theft Few homeowners have this type of policy. Special coverage for jewelry and other valuables - III Fair market value On what form is Albert's homeowners policy written? B. imports 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 also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. 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. Two years ago, the insured bought the home for $58K. Costs the insured was already paying before incurring the loss are not covered. C. homes Chapter 4: Homeowners Flashcards | Quizlet 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? Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. She purchased the necessary lumber and it's piled in her back yard. A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. A. | Allstate Personal property coverage is designed to help protect your belongings. 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. Liability coverages are set forth in Section II of the Policy. 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. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. B. salespersons' samples, Marine Transportation Insurance covers: As their agent, which homeowners coverage form should you offer them? 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. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. D. leased buildings, Each of the following is a Personal Floater EXCEPT: 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. \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b.