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Personal property coverage is designed to help protect your belongings. With scheduled personal property, you also. $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 B. Bart keeps a dog that is known in the neighborhood to be vicious. D) Personal property replacement cost endorsement. Which of the following is not one of these duties? Mrs. Delaney hired a contractor to build a deck on the back of her house. The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not, The permitted incidental occupancy endorsement, Deletes exclusions in the policy pertaining to a business conducted on the resident premises C. furs and jewelry Which of the following would not be included in the meaning of 'insured' in a homeowners policy? The different classes of property that are eligible for coverage . Which of the following is considered personal property not covered by the homeowners policy? A. B. Dwellings under construction are covered for theft Coverage may be increased beyond the $2,500 additional coverage (10.) Which endorsement would have provided a better loss settlement? 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. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. A standard homeowners policy typically includes coverage for: Homeowners policies typically pay a percentage of your dwelling coverage limit to repair or replace your clothes, furniture, and other personal property. In the research study, 16 automobiles traveling at the same speeds are tested for stopping distances on wet pavement and then tested for stopping distances on dry pavement. 70% of the replacement cost. The Damage to Property of Others duplicates coverage that is included in Section I ---- The Damage to Property of Others Additional Coverage supplements the Property Damage Liability Coverage by providing limited Coverage for damage, caused by the insured, regardless of negligence. Mac's homeowners policy pays for the damage to the home and grill. Which form is designed for the unit-owner of a condominium? Caterpillar had no preferred stock outstanding. The extent to which a person feels enthusiastic, active and alert is known as ________. D. Private structures owned by the insured at other locations. What endorsement do you recommend? A. Natalie offers to rent a room in her home to a local college student. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? Which of the following is not an option available to Laura? Texas Department of Insurance. All of the following are true, except: C. Inherent Vice Learn about what is typically covered in a renters policy and additional coverages you may want to consider. They believed that they did not get enough for this property because the settlement was based on actual cash value. An insured has how many days grace period to get most Floater items scheduled? 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 election process for the Academy Awards (for films) involves several stages and several different voting methods. Is personal property that is usually located in a secondary residence covered under Coverage C? D. jewelry, Inland Marine covers: B. Insects and vermin The pair of earrings cost $15,000 and was recently valued at $20,000. 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. Scheduled personal property endorsement. B. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. D. $1,000, Ocean Marine covers: Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. A model airplane C. Coverage is not provided to a garage rented for private garage purposes Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. storage shed. D. A speaker system installed in the insured's car. You may not realize the value of what you own until your home is damaged or vandalized. | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. B. C. An attached garage Describe five common fees assessed on credit card accounts and how they can be avoided. Power failure, A dwelling policy covers all types of personal properties listed except Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. What should their agent tell them? Bicycle floater A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. Damage caused intentionally by the insured's 10-year-old son Damage arising out of the insured's business pursuits According to Menger, what was the main concern of individuals in early trade situations? The Tuttles own a late-19th century Victorian home. Broad perils coverage - These two Forms provide Broad Form Perils Coverage. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. The court orders that the animal be put to sleep. Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. 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. Another job he found has a weekly salary of $1,120. 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: These duties include household and domestic services, such as those of a gardener or nanny. 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. C. 60 A. Under a Homeowners policy, Coverage B is what percentage of Coverage A? Your insurance companys underwriting team will review and get back to you with the status of your request. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. What is relocation diffusion in human geography? Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. Which of the following is true regarding the HO-3 (Special Form)? B. all of the following are special personal property limits under a homeowners policy EXCEPT: a. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. 30 Scheduled personal property works in two ways: increasing policy limits to cover more expensive items and protecting these items from a more significant number of . Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? B. an open perils (all-risk) basis. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. 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. For more jewelry. A) damage to the neighbor's yard. Definition. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. detached garages What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? \end{array} Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. Water damage A scheduled personal property endorsement is an endorsement that allows certain property which might not be covered by a standard homeowners' insurance policy to be covered. & \$74,850.00\\ He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. She wonders what the endorsement does. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? Protection extends to additional types of loss above that covered by the homeowner's policy. A. C. The dwelling on the insured premises, plus any structures that are attached to the dwelling To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. D. Camera floater, Which floater may be used to cover office equipment and furniture? 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. Damage to these items is not covered if caused by. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. Scheduled personal property endorsement Crew of ships are covered by the? Molly's claim for damages under Coverage A of her policy was $200,000 and her claim for damages under Coverage C was $150,000. Kevin is looking for a job as a piano technician. Under what coverage part of her homeowners policy is the lumber insured? In addition, it provides personal liability coverage. A. 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. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Personal Articles Floater, Inland Marine policies are called? 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). Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. B. covers private art works. A. War While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. C. Vermin The dwelling on the residence premises The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. An insurer may not be sued unless the insured has fully complied with the terms of the homeowners policy and the suit is brought within how many years of the loss date? Other structures, which include items such as sheds, fences, and the mailbox. C) the neighbor's medical expenses. The assigning of the value of the insuredproperty will vary by the insurance provider. How was this claim paid? A. D. provides named peril coverage. What definition in his homeowners policy describes his home? Choose the true statement concerning Homeowners Policies. A. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. 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. With actual cash value, loss is depreciated based on age and condition. Personal property is a class of property that can include any type of asset other than real estate. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. A. & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ What is it? Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. A. - any other residents who are under 21 and in the care of any member of the insured's family Which statement is true concerning Coverage D of the Homeowners Policy? The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. riot 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. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. 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. | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . $74,850.0035,798.00. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? A. 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 C. insect damage C) Coverage C--Personal property increased limits. Both the cemetery plot and greenhouse are located at the residence premises. Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises What is the amount of the dividend s in arrears? When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. A. a stated value basis. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises C. golf clubs 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. Structures rented to someone who is not a tenant for use only as a private garage. non-owned vehicles Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? C. Payment under Damage to Property of Others is made regardless of negligence All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. 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} Which statement is correct about these forms? Insurer investigation expenses are in addition to the limits stated in Coverage E A. birthday gifts All of the following statements is correct about a Homeowners Policy, except: Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage Definition and If You Need It, Fire Insurance: Definition, Elements, How It Works, and Example, Rider: Definition, How Riders Work, Types, Cost, and Example, Personal Property: Definition, Examples, and Role in Insurance. A. jewelry salesperson's sample case Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? American Family Insurance. 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. 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. Liability coverages are set forth in Section II of the Policy. C. reservations Charles Munyi has over eight years of experience as a personal finance writer. HO-3 is a comprehensive policy. 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. Sandra, Lynn, and Carole inherited their family home from Mrs. North. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. A. covers public art collections. Get home insurance quotes for scheduled personal property coverage Compare rates Marilyn and Dan live in an apartment. 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. One classified ad lists a job that pays 64.6K. True or False? D. loading docks and cattle shipped to market, All-risk policies cover: However, he worries that loss to his personal property will be adjusted on an actual cash value basis. Each of these payouts would be subject to a deductible. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. $0 What Is Personal Property Coverage? C. buildings Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . A. warehouses Well not relieve the insure of its policy obligations What Does Homeowners Insurance Cover and Not Cover? She purchased the necessary lumber and it's piled in her back yard. B. bridges owned by municipalities C. $250 A scheduled personal property endorsement may be used to cover each of the following EXCEPT: A. bicycles and clothing B. decks and awnings C. birthday gifts and wedding gifts D. paintings and jewelry B. decks and awnings Sheep shipped to market are insured by: A. Inland marine insurance B. homeowner policies A. Inland marine insurance $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. Eloise installed an in-ground swimming pool in the back yard of her home. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. 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. The coverage for Damage to Property of Others excludes property that is covered in Section I D. floaters, Each of the following is covered by Inland Marine EXCEPT: 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. 1 Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. D. The Damage to Property of Others duplicates coverage that is included in Section I. The peril causing this loss is malicious mischief. pools The earthquake endorsement is attached to Paulina's homeowners policy. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results is the worlds leading manufacturer of construction and mining equipment. Retrieve copies of either the receipts or appraisals of each item. Learn how coverage works. His insurance agent suggests that he add which endorsement to adequately cover his watch? Which statement is false? A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. 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. An insured has a personal property replacement cost endorsement under her homeowners policy. for landlord . reasonable repairs D. commercial buildings. Fred and Sharon live in an older home whose replacement cost far exceeds its market value. The homeowners policy contains which of the following types of insurance coverage? D) Personal property replacement cost endorsement. 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. Take pictures of all items and receipts, and send them to your insurer. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? Liability Coverages are set forth in Section II of the Policy. 13 Q 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. Coverage D of a Homeowners Policy includes loss of income from an incidental business Coverage B: Other Structures A. ships' cargo - all relatives of the named insured who live in the same household 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. D) Whatever it will reasonably cost. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. B. C. Contractor's Equipment Floater 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. Scheduled personal property. Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. B. Exhibition floater A) Special limits of liability. 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. $1,500 for trailers not used with watercraft b. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: 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? The amount specified for this ring in the schedule is $2,000. An endorsement can settle personal property losses on a replacement cost basis. In what type of home does Mrs. Zabinski live? At a .05 level of significance, do the sample data justify the conclusion that the variance in stopping distances on wet pavement is greater than the variance in stopping distances on dry pavement? D) An insured, an agent, an insurer and a claim. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? By purchasing a scheduled personal. The cause is determined to be a defect in the grill. The Scheduled Personal Property Endorsement, HO 04 61, does not define fine arts, leaving the category open for anything that does not fall into the jewelry, furs, cameras, musical. The property section of the homeowners policy excludes coverage for certain types of property.