the scheduled personal property endorsement quizlet the scheduled personal property endorsement quizlet

Property & Casualty Flashcards by Elizabeth Brandt | Brainscape B) cost to have the dog put to sleep. He is concerned that his homeowners policy will not provide enough coverage. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? A. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. A. barratry An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Complete the table to find the single deposit investment amounts. C. $250 C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence How Much Homeowners Insurance Coverage Do I Need? Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? However, he worries that loss to his personal property will be adjusted on an actual cash value basis. 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. . C. Damage to property owned by the insured Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. C. reservations Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. An endorsement can settle personal property losses on a replacement cost basis. The land on which the dwelling is located 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. Other named peril losses are covered up to the Coverage C limit. If her ring is stolen, the insurer will pay (given a $250 deductible)? D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage Determine the earnings per share for Years 13. Select the person who is not considered an insured under an HO-3 policy? Which statement is true concerning Section II of a Homeowners Policy? Under the HO-8 policy, the dwelling is valued on which basis? 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. What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? Fred and Sharon live in an older home whose replacement cost far exceeds its market value. Most Personal Articles Floaters are written on: A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. How much money would she have to earn each year before it was considered a business activity under a homeowners policy? Scheduled personal property endorsement. 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. Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. 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. | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. After cooking dinner, he turns off the gas to the grill. The factors involved in location decisions include. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. A. This modifies the basis of loss settlement from ACV to replacement value. Inherent vice B. 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. $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 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. Which type of liability limit applies to Medical Payments coverage? Which of the following Coverages is not found under Section I of the Homeowners Policy? An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Kevin is looking for a job as a piano technician. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. All of the following definitions are true of a Homeowners Policy, except: Power failure, A dwelling policy covers all types of personal properties listed except Some possessions covered by a scheduled personal property endorsement include jewelry, coin collections, postage stamps, furs, antiques, guns, fine arts, silverware, and other items whose value exceeds what your regular homeowners policy covers. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? Cater pillar I nc. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. 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. Personal Articles C) Coverage C--Personal property increased limits. 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. Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. Which of the following property is covered under the Homeowners Policy? }\\ All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. C. is an unscheduled blanket policy. Scheduled Personal Property For Your Valuables | Hippo lawnmowers, Bodily injury to others However, which type of property is covered? 80% --- If Coverage A is less than 80% at the time of a loss to the dwelling, a penalty will be applied to the partial dwelling loss claim payment. C. The dwelling on the insured premises, plus any structures that are attached to the dwelling A. certificates The extent to which a person feels enthusiastic, active and alert is known as ________. The coverage limit for jewelry is $10,000 (no per-item limit) and is subject to the policy deductible (the amount you'll have to pay before insurance coverage kicks in). A rare and expensive gun was stolen from it. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. Your clothing, appliances, furniture, and jewelry are all treated as personal property. Record every valuable possession in your house and copy the serial numbers. Under the cancellation condition, the insurer can cancel for any reason with 10 days' written notice to the insured during, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. intended use Both the cemetery plot and greenhouse are located at the residence premises. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. Covered up to 10% if kept at a location other than the main residence, True or False Liability Coverages are set forth in Section II of the Policy. A. covers inherent vice. A. affective events theory What endorsement do you recommend? Personal property is covered worldwide. Personal Articles Floater, Inland Marine policies are called? C) Scheduled personal property endorsement. A. jewelry salesperson's sample case Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy B. inherent vice Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? A. What is his objection to actual cash value and what, if anything, can he do about it? Which of the following is true regarding the HO-3 (Special Form)? 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. HO-3 Home Insurance Policy Breakdown | Homeowners Insurance Cover Which of the following is not true concerning Section II of the Homeowners Policy? 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 What Does Homeowners Insurance Cover and Not Cover? D. leased buildings, Each of the following is a Personal Floater EXCEPT: aircraft B. Is personal property that is usually located in a secondary residence covered under Coverage C? Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? Which statement is correct? The amount specified for this ring in the schedule is $2,000. Natalie offers to rent a room in her home to a local college student. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. Property such as electronics, firearms, business property, and watercraft may have limitations. A Homeowners Policy will not cover theft of a boat away from premises A) 5% of the Coverage A limit. 30 As their agent, which homeowners coverage form should you offer them? includes: The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. B. actual cash value, The least likely method of payment for loss under a Floater is: Charles Munyi has over eight years of experience as a personal finance writer. He keeps a considerable amount of cash and other valuables on him and around his home. D. Property damage -- Physical injury to tangible property, but does not include loss of use of that property, Property damage -- Physical injury to tangible property, but does not include loss of use of that property. Insurance coverage options for fine arts | PropertyCasualty360 Scheduled Personal Property Endorsement - Insuranceopedia.com 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. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. 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. 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. Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? D. 90. A. golf clubs for landlord . C. buildings One day the dog attacks a neighbor while she is working in her own yard. Which of the following is true regarding eligibility of a Homeowners Policy? detached garages 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. Which of the following is considered personal property not covered by the homeowners policy? If the shrubs in front of a house burn when the house catches fire, how much is the insured entitled to recover for the shrubs under his HO-3, 5% of the limit of Coverage A with a maximum of $500 for any 1 shrub, In the HO-4 and HO-6, the limit for trees, shrubs, or plants is __% of the coverage C limit or a maximum of $___ for one tree, plant, or shrub.