the scheduled personal property endorsement quizlet

What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? 1 Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. B. mariners Which of the following is true regarding Section II of the Homeowners Policy? Scheduled personal property endorsement. A Homeowners Policy will not cover theft of a boat away from premises D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: B. basic D. Installation Floater, Tourist luggage is insured by which floater? Structures that are set apart from the dwelling by a clear space Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. They want to buy insurance to cover their personal property and protect them against liability claims from third parties. B. inherent vice D. jewelry, Inland Marine covers: Determine the earnings per share for Years 13. D. Contractor's Equipment Floater, Inland Marine will NOT cover: An employee whose duties are related to the maintenance of the residence premises, is defined as which of the following under Section II of the Homeowners Policy? Which property would be settled for its actual cash value even if the Personal Property Replacement Cost Loss Settlement Endorsement is attached to the HO-3 policy? A. cattle shipped to market 30 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. On a standard homeowners policy, coverage divides into categories including. \end{array} B. To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. They believed that they did not get enough for this property because the settlement was based on actual cash value. keep the $10,000 loss payment and the recovered property. personal property of roomers or boarders is excluded under the homeowners policy. $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. Describe the procedure and comment on its fairness. Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. What is Scheduled Personal Property? Damage arising out of the insured's business pursuits Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. 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? Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. According to Menger, what was the main concern of individuals in early trade situations? The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results intended use theft, Additional coverages found in all homeowners forms include, Debris removal Types of Homeowners Insurance (Policy Forms) | Credible B. pools B. The assigning of the value of the insuredproperty will vary by the insurance provider. Kevin came home from work to find that his house had been vandalized. 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. For example, a CSR could use one of the following endorsements to provide coverage for an insured's expensive jewelry: Scheduled Personal Property Endorsement (HO 04 61 05 11) or Scheduled Personal Property Endorsement (With Agreed Value Loss Settlement) (HO 04 60 05 11). D. floaters, Each of the following is covered by Inland Marine EXCEPT: D. loading docks and cattle shipped to market, All-risk policies cover: Also known as. How big are the banks excess reserves? A. detached shed from which a tool repair business is operated. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. 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. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage Describe five common fees assessed on credit card accounts and how they can be avoided. Mac bought a new gas grill from a local department store. 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. 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. What definition in his homeowners policy describes his home? sailboats C. Inherent Vice Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. B. reasonable repairs Property and Casualty Flashcards | Chegg.com Today, it's replacement value is $60K. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. `Lisa lost one of her emerald earrings. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. Cater pillar I nc. Tom and Ann have just bought a condominium for their residence. - &35,798.00\\ \hline 45 A floater can be used to insure each of the following except: B) Scheduled personal property endorsement. 4.3.3 Workers Compensation Premium Computation, PI: 3.5.1 & 3.5.2 Farm Insurance Coverage / L, PI: 3.6.1 National Flood Insurance Program (N, PI: 3.7.1 Regulation of Property Insurance, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. The extent to which a person feels enthusiastic, active and alert is known as ________. B. Home Replacement Cost vs Actual Cash Value | Allstate Power failure, A dwelling policy covers all types of personal properties listed except D. Camera floater, Which floater may be used to cover office equipment and furniture? B. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. A. Retrieve copies of either the receipts or appraisals of each item. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. The preferred stockholders are also due to receive dividends in arrears for one year. D. Damage to property owned by the insured's tenant. 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. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? 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. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. It includes various perils outside your typical dwelling coverage. 13 Q What Is an Insurance Rider in a Homeowners Policy? | Allstate Which of the following is not true concerning Section II of the Homeowners Policy? Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy An insurance endorsement is a change to your insurance policy, such as an addition of coverage. C) Scheduled personal property endorsement. 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. B. provides all-risk coverage. Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. lightning Members of the family under the age of 24 living at school away from the home Animals, birds, fish The election process for the Academy Awards (for films) involves several stages and several different voting methods. The cause is determined to be a defect in the grill. 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 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. Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. B. Dwellings under construction are covered for theft D) Whatever it will reasonably cost. A. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. What is Scheduled Personal Property? | Bankrate A. By purchasing the right insurance policy, you may be able to protect yourself from the financial costs of unforeseen losses, such as fire and natural disasters, frozen pipes, or even burglaries. An endorsement can settle personal property losses on a replacement cost basis. Which type of liability limit applies to Medical Payments coverage? Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. 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. The peril causing this loss is malicious mischief. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. 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. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. C. exports \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? B. single family homes C) No coverage is available. 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. 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. 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. 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. 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. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. C. a home under construction that the owner intends to occupy Physicians and Surgeons Floater Does homeowners insurance cover theft outside the home? Learn about several types of riders that may be available on a home insurance policy. B. imports 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? Property such as electronics, firearms, business property, and watercraft may have limitations. Under Coverage C of a Homeowners Policy, all of the following losses are included, except: Property of a roomer, boarder or tenant --- Property of roomers, boarders, or tenants is not covered under the policy. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. A. birthday gifts The Home Day Care endorsement does not provide which of the following? 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. After a fire damages a home, how much is the insured entitled to recover for buying materials to board up the windows under the homeowners policy? HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? D) damage to the neighbor's clothing. A Quick Guide on How to Insure Jewelry - Investopedia What homeowners form would be most appropriate for their insurance needs? D. Coverage F limits are subject to a deductible. A. ), $74,850.0035,798.00\begin{array}{r r} A standard homeowners insurance policy covers your personal property up to a specific limit. D. jewelry, A dry cleaner delivering clothes to customers should get: What Coverage C special limit of liability applies to the loss? lawnmowers, Bodily injury to others \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. Her jeweler will reproduce the lost earring for $10,000. She purchased the necessary lumber and it's piled in her back yard. 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. CH 24 rsk mgmt Flashcards | Chegg.com Inherent vice The court orders that the animal be put to sleep. C) Scheduled personal property endorsement. 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. The Watercraft Liability endorsement provides which coverage? A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. The different classes of property that are eligible for coverage . What is the ppp-value? The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. 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. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. After cooking dinner, he turns off the gas to the grill. Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. A. What should their agent tell them? CA Personal Lines Flashcards Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. C. furs and jewelry B. A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. non-owned vehicles Two years ago, the insured bought the home for $58K. Personal property is covered worldwide. D. provides named peril coverage. Property in transit. A Personal Article Floater can cover: Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. How can government use taxes to reallocate the use of resources in the economy? B. The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. D. Coverage is not provided to a garage rented for private garage purposes. Property & Casualty Flashcards by Elizabeth Brandt | Brainscape 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. B. jettison, Floaters provide which type of coverage: B. Installment Sales Floater C. A hovercraft A. covers public art collections. Bicycle floater Liability - Section I of the Homeowners Policy contains the Property Coverages. Which of the following statements about coverage under the federal flood insurance . A. D. a good mood. The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. 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? She knows the furniture in her condo unit is covered as personal property under her homeowners policy but wants to know if the stored furniture is also covered and, if so, do any coverage restrictions exist. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. Scheduled personal property. Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. 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. A Homeowners Policy will not cover theft of a boat away from premises fire While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. 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.

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