What Coverage C special limit of liability applies to the loss? A standard homeowners insurance policy covers your personal property up to a specific limit. Scheduled personal property may increase the coverage limits on expensive items such as jewelry, furs, art and antiques, stamps, coin collections, or other select collectibles. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: On dry pavement, the standard deviation is 16 feet. HO-3 Home Insurance Policy Breakdown | Homeowners Insurance Cover A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. Scheduled personal property coverage is an endorsement you can add to your home insurance. Insurer investigation expenses are in addition to the limits stated in Coverage E the maximum amount of coverage that can be written on any single dwelling is $25,000. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. B. Insects and vermin Property and Casualty Overall Test Flashcards | Chegg.com Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? Determine the number of times interest charges are earned for 2014 and 2013. $0 \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ $$ On what form is his policy written? D. A speaker system installed in the insured's car. 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 Which of the following additional coverages is only included in certain homeowners forms? Renters insurance can do more than help protect your property. For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. C) the neighbor's medical expenses. A. domestic transportation shipments vandalism and malicious mischief D. leased buildings, Each of the following is a Personal Floater EXCEPT: B. C. Contractor's Equipment Floater B. imports The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. An insurance deductible doesnt apply to this coverage. A. certificates Mac's homeowners policy pays for the damage to the home and grill. A. commercial buildings B. covers private art works. An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. 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? | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. detached garages Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . A. Damage arising out of the insured's business pursuits The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. 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. 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. Which of the following would not be included in the meaning of 'insured' in a homeowners policy? A Fine Art Floater: 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: The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. What Does Homeowners Insurance Cover and Not Cover? How Much Homeowners Insurance Coverage Do I Need? Special coverage for jewelry and other valuables - III A. fur coats What Is an Insurance Endorsement? Joaquin wants both property and liability insurance in one policy. D. provides named peril coverage. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. 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 fire P & C Licensing Exam Flashcards | Chegg.com Round to one decimal place. 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. A. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ The land on which the dwelling is located 13 Q A. ships' cargo Liability - Section I of the Homeowners Policy contains the Property Coverages. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 After cooking dinner, he turns off the gas to the grill. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. Home Replacement Cost vs Actual Cash Value | Allstate A. 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. A Homeowners Policy will not cover theft of a boat away from premises B. What limitations, if any, apply to cash and securities? Mrs. Delaney hired a contractor to build a deck on the back of her house. C. 60 detached shed from which a tool repair business is operated. This year, $500,000\$ 500,000$500,000 is to be distributed. B. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. Which floater covers works of art sold by an art gallery on a consignment basis? B. Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. What Coverage C special limit of liability applies to the loss? Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? A. Damage to these items is not covered if caused by. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. The following coverages are all found under Section I of the Homeowners Policy, except: Personal Injury Liability -- Section I of the Homeowners Policy contains Property coverages. Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. C. Home schooling is permitted under a Homeowners Policy C. insect damage The court orders that the animal be put to sleep. | Allstate Personal property coverage is designed to help protect your belongings. Homeowners' Endorsements- the Details Make the Difference How was this claim paid? Which of the following homeowners policies covers tenants or renters? 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. B. 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. Under an HO-3 policy, what is the coinsurance requirement? 150,000 to Carole and $75,000 each to Sandra and Lynn. What is the amount of the dividend s in arrears? He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. What homeowners form would be most appropriate for their insurance needs? Scheduled Vs. Unscheduled Personal Property Coverage | Grange Insurance He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. is the worlds leading manufacturer of construction and mining equipment. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. A. breakage In addition, it provides personal liability coverage. Each insurance company will value your personal property differently. Throwing cargo into the sea to save a sinking ship is: D. Medical payments coverage is available for the insured and resident relatives. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. An endorsement can settle personal property losses on a replacement cost basis. 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. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. C) The criminal, the crime, a police officer and a court of law. D. Territorial Limits. Which of the following is not covered if the insured has broad peril coverage? B. fine art B. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. 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. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. A. Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. Unscheduled personal property refers to items that are covered by personal property coverage but have not been specifically itemized; these items are subject to the standard coverage limits. Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? & \$74,850.00\\ A Homeowners Policy will not cover theft of a boat away from premises 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. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. Damage caused intentionally by the insured's 10-year-old son Customer Bailee Floater C) It is covered for up to 10% of the coverage C limit. Chapter 4: Homeowners Flashcards | Quizlet A. An endorsement can settle personal property losses on a replacement cost basis. Scheduled Personal Property For Your Valuables | Hippo Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Renters Insurance Coverage and Policies | Allstate Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. 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. B. gun collections 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. Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. A) damage to the neighbor's yard. Kevin came home from work to find that his house had been vandalized. 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 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. aircraft Which of the following would not be an insured under Section II of the Homeowners Policy? 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. basic C. furs and jewelry D) Personal property replacement cost endorsement. 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. B. an open perils (all-risk) basis. (Round to the nearest cent. Personal Articles Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? Of the following statements concerning Homeowners policies, which is correct? 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} Describe five common fees assessed on credit card accounts and how they can be avoided. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. D. Installation Floater, Tourist luggage is insured by which floater? Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: $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. D. Any person legally responsible for watercraft owned by an insured. Inherent vice B. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. Under the HO-4 and HO-6, personal property is covered on which basis? Kevin is looking for a job as a piano technician. Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. Under your standard coverage, expensive jewelry, firearms, and furs may not be sufficiently covered scheduled personal property coverage can insure these items up to their full value. D) An insured, an agent, an insurer and a claim. What are the main advantages to the insured if the homeowners policy is a package policy? $2,500 for theft of firearms c. $500 for business personal property on the insured premises d. $1,500 for securities, accounts, deeds, and evidences of debt c. $500 for business property She wonders what the endorsement does. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. B) $500.00 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. Homeowners Insurance Flashcards | Quizlet Coverage does not apply to property damage covered under Section I of the policy. D . All of the following definitions are true of a Homeowners Policy, except: Chapter 5 - Homeowners Policy Flashcards | Quizlet In some situations, property owned by others may also be covered under a standard policy. Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. B. bridges owned by municipalities A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. non-owned vehicles Which of the following is not true concerning Section II of the Homeowners Policy? 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. 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. A. Which of the following is true regarding the HO-3 (Special Form)? Tom and Ann have just bought a condominium for their residence. 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? \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ C. positive state affect Another job he found has a weekly salary of $1,120. - any other residents who are under 21 and in the care of any member of the insured's family With actual cash value, loss is depreciated based on age and condition. What is the ppp-value? Which of the following Coverages is not found under Section I of the Homeowners Policy? What is Scheduled Personal Property? | Bankrate Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? The markings on the door did not permanently damage it but the door required cleaning and minor repair work. Physicians and Surgeons Floater Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. Water damage The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence Which of the following statements about coverage under the federal flood insurance . 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. B) Special property limits. D. Camera floater, Which floater may be used to cover office equipment and furniture? replacement cost coverage is available by endorsement, for an additional premium. Money is covered up to $500 per occurrence - The limit on money is $200. An insured has a personal property replacement cost endorsement under her homeowners policy. . B. Dwellings under construction are covered for theft C. A hovercraft The cause is determined to be a defect in 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. Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? A. covers inherent vice. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. What endorsement do you recommend? C. Fine art floater Learn more about how endorsements can affect your coverage. A better solution. Which endorsement would have provided a better loss settlement? Your insurance companys underwriting team will review and get back to you with the status of your request. Scheduled Personal Property Endorsement - Insuranceopedia.com B. You can add this endorsement to either a schedule or blanket farm personal property insurance plan to give you additional coverage from $5,000 to $100,000. Which statement is correct? 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. Why You Should Consider Scheduled Personal Property Coverage C. exports Coverage D of a Homeowners Policy includes loss of income from an incidental business Learn how coverage works. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. Under what coverage part of her homeowners policy is the lumber insured? The replacement value of the home is $450,000. Understanding Home Insurance | Mass.gov 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. Coverage may be increased beyond the $2,500 additional coverage (10.) Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? D. either basic or broad, Which Floater is written on a valued basis? C. Medical payments will pay for a maximum of 1 year from the date of the accident occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured Homeowners insurance Quiz Flashcards | Quizlet includes: Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Property & Casualty Flashcards by Elizabeth Brandt | Brainscape However, there are limits for the coveragevalue for eachitem. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? Learn about what is typically covered in a renters policy and additional coverages you may want to consider. What should their agent tell them? He is concerned that his homeowners policy will not provide enough coverage. A. 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. 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. 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. Relatives of the named insured, meaning they are related by blood, marriage, or adoption 1,500 for jewelry; $2,500 for theft of firearms. explosion Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. The amount specified for this ring in the schedule is $2,000. C. Coverage is not provided to a garage rented for private garage purposes Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? A. 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. Is personal property that is usually located in a secondary residence covered under Coverage C? D. The Damage to Property of Others duplicates coverage that is included in Section I. What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? How can government use taxes to reallocate the use of resources in the economy? The insurance company says it will replace the watch instead of making a loss payment. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except A. Dwellings under construction are covered for theft }\\ D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? theft, Additional coverages found in all homeowners forms include, Debris removal C) Scheduled personal property endorsement. C. all-risk Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage Under the HO-8 policy, the dwelling is valued on which basis? Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. - 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. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? 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. A. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. As an example, your policy may state that it will cover a maximum of $1,500 for losses of watches, precious stones, and other jewelry. A Personal Article Floater can cover: A rare and expensive gun was stolen from it. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? 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. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. Property damage of another caused by the insured, The comprehensive HO-5 policy is a _____ perils contract on personal property, structures on the premises set apart from the dwelling by a clear space, What is not covered by coverage B - other structures, - does not cover other structures rented to others for other than a use as a private garage