\hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ 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. broad lightning A. a stated value basis. (Round to the nearest cent. furniture The insurance company says it will replace the watch instead of making a loss payment. 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. According to Menger, what was the main concern of individuals in early trade situations? 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. Definition. A. B. basic He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. 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. Each of these payouts would be subject to a deductible. B. Insects and vermin A. ships' cargo B. Which of the following additional coverages is only included in certain homeowners forms? B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? Note: We don't currently offer the ability to schedule property, but stay tuned! Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. C. $250 A. Under an HO-3 policy, what is the coinsurance requirement? - any other residents who are under 21 and in the care of any member of the insured's family B. bridges owned by municipalities Structures rented to someone who is not a tenant for use only as a private garage. Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. D. either basic or broad, Which Floater is written on a valued basis? $0 A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. She purchased the necessary lumber and it's piled in her back yard. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. A. Which of the following is not one of these duties? Coverage does not apply to property damage covered under Section I of the policy. On dry pavement, the standard deviation is 16 feet. B. What Coverage C special limit of liability applies to the loss? Open perils coverage is available by Endorsement for scheduled items at an additional premium. D. Coverage F limits are subject to a deductible. Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. explosion Which of the following property is covered under the Homeowners Policy? Which form is designed for the unit-owner of a condominium? Which of the following is not an option available to Laura? A friend who is renting a bedroom in the insured's house since it is only three blocks away from work - Since the friend is a tenant, not a relative or a person in the care of the insured, he/she would not be an insured under the policy. A standard homeowners insurance policy covers your personal property up to a specific limit. You also have up to $500 of coverage for unauthorized use of your credit cards. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. Money is covered up to $500 per occurrence - The limit on money is $200. For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Water damage 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. non-owned vehicles Other named peril losses are covered up to the Coverage C limit. Under what coverage part of her homeowners policy is the lumber insured? On wet pavement, the standard deviation of stopping distances is 32 feet. D. Damage to property owned by the insured's tenant. C. exports Dave has a homeowners insurance policy. A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. 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. Coverage is provided to property of boarders not related to the insured She wonders what the endorsement does. What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? C. Contractor's Equipment Floater 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? It offers "open perils" protection for your house and detached structures like garages, sheds, fences. Determine the earnings per share for Years 13. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except replacement cost coverage is available by endorsement, for an additional premium. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. Bicycle floater Animals, birds, fish 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. C) Scheduled personal property endorsement. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. fire 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. 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. Tom and Ann have just bought a condominium for their residence. The preferred stockholders are also due to receive dividends in arrears for one year. B. 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 would not be included in the meaning of 'insured' in a homeowners policy? Scheduled personal property. ), $74,850.0035,798.00\begin{array}{r r} The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. 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. A) Coverage C--Personal property. A. affective events theory A. warehouses A Homeowners Policy will not cover theft of a boat away from premises Fred and Sharon live in an older home whose replacement cost far exceeds its market value. C. stated value C. An attached garage C) the neighbor's medical expenses. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. Learn more about how endorsements can affect your coverage. Renters Insurance Coverage and Policies | Allstate Renters insurance can do more than help protect your property. Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. You may not realize the value of what you own until your home is damaged or vandalized. Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. Advertisement D. A speaker system installed in the insured's car. 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 With actual cash value, loss is depreciated based on age and condition. 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. Theft of silverware is covered up to $2,500 C. Money is covered up to $500 per occurrence D. The Scheduled Personal Property Endorsement provides open perils coverage Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. B. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Property such as electronics, firearms, business property, and watercraft may have limitations. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage 7 Q An insured's home is covered by a DP-3. The HO-5 personal property coverages are insured on which basis? B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. Two years ago, the insured bought the home for $58K. B. fine art Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? He keeps a considerable amount of cash and other valuables on him and around his home. | Allstate Personal property coverage is designed to help protect your belongings. The stone could be replaced for $1,700. All of the following statements is correct about a Homeowners Policy, except: 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: In what type of home does Mrs. Zabinski live? detached shed from which a tool repair business is operated. The Home Day Care endorsement does not provide which of the following? He is concerned that his homeowners policy will not provide enough coverage. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. 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. The homeowners policy contains which of the following types of insurance coverage? Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. B. covers private art works. | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. The dwelling on the residence premises People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. D. $1,000, Ocean Marine covers: Property in transit. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? Mrs. Delaney hired a contractor to build a deck on the back of her house. B. inherent vice $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. A. 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? D. leased buildings, Each of the following is a Personal Floater EXCEPT: Fair market value Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. B. D. Camera floater, Which floater may be used to cover office equipment and furniture? It may provide protection in the event of a covered loss, such as theft or fire. The cause is determined to be a defect in the grill. Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. What should their agent tell them? A) damage to the neighbor's yard. `Lisa lost one of her emerald earrings. C. Medical payments will pay for a maximum of 1 year from the date of the accident Functional Replacement Value - Functional replacement cost is the cost to replace the damaged property with property that performs the same function, but is not like-kind or quality. 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. A. Scheduled personal property coverage is an endorsement you can add to your home insurance. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Complete the table to find the single deposit investment amounts. Damage to these items is not covered if caused by. Physicians and Surgeons Floater D. 90. B. Exhibition floater Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. D. Contractor's Equipment Floater, Inland Marine will NOT cover: He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. 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. However, which type of property is covered? $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 A. golf clubs Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. 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. Her jeweler will reproduce the lost earring for $10,000. C. Home schooling is covered under a Homeowners Policy A model airplane 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. B. imports Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? A. B. keep the $10,000 loss payment and the recovered property. If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. A. Record every valuable possession in your house and copy the serial numbers. 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. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. They believed that they did not get enough for this property because the settlement was based on actual cash value. 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. personal property of roomers or boarders is excluded under the homeowners policy. The required reserve ratio is 10 percent. Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. D. Coverage D of a Homeowners Policy covers additional living expenses. The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. Scheduled personal property endorsement Crew of ships are covered by the? To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. Laura's insurer paid $10,000 claim to reproduce the missing earring. Which statement is true concerning Coverage D of the Homeowners Policy? The different classes of property that are eligible for coverage . Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . 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. A. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement D. Section I limits coverage on utility trailers up to $500 The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. B. gun collections An insurer has this option, because Bridget's homeowners policy has a repair or replace option, Derek insures his home on an HO 3 policy. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. 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. These duties include household and domestic services, such as those of a gardener or nanny. Which statement is true concerning Section II of a Homeowners Policy? A. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. Accessed Oct. 15, 2021. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Personal Articles B. actual cash value, The least likely method of payment for loss under a Floater is: A. The pair of earrings cost $15,000 and was recently valued at $20,000. Texas Department of Insurance. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. An endorsement can settle personal property losses on a replacement cost basis. American Family Insurance. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? An endorsement can settle personal property losses on a replacement cost basis. Costs the insured was already paying before incurring the loss are not covered. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. D. Coverage D of a Homeowners Policy covers additional living expenses. C. Installation Floater A. domestic transportation shipments Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? George just returned from Europe with a beautiful Swiss watch valued at $10,000. Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ A rare and expensive gun was stolen from it. Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. An insured has how many days grace period to get most Floater items scheduled? D. It covers injury to attendees while loading or unloading them from draft or saddle animals. Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. All of the following are defined as insured locations under the Homeowners Policy, except: Farmland owned by the insured -- Farmland owned by the insured is not covered. Coverage D of a Homeowners Policy includes loss of income from an incidental business B) $500.00 $1,500 for trailers not used with watercraft b. By purchasing a scheduled personal. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. Insurer investigation expenses are in addition to the limits stated in Coverage E What is the amount of the dividend s in arrears? On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Determine the number of times interest charges are earned for 2014 and 2013. Choose the true statement concerning Homeowners Policies. C. insect damage The replacement value of the home is $450,000. Both the cemetery plot and greenhouse are located at the residence premises. Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. Which of the following endorsements to the Homeowners Policy adds coverage for injury resulting from libel, slander, false arrest, defamation, invasion of privacy and other such offenses that could result in a personal liability suit? Each insurance company will value your personal property differently. D. floaters, Each of the following is covered by Inland Marine EXCEPT: Which of the standard homeowners policies includes malicious mischief as a named peril? What definition in his homeowners policy describes his home? no, because there are more than 4 units in the dwelling. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. 150,000 to Carole and $75,000 each to Sandra and Lynn. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? A little later the grill explodes and damages Mac's home. storage shed. Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. B. Collapse (Is included in HO-2, 3, 4, 5, and 6, Which of the following coverages applies to personal property owned or used by an insured and is included in all homeowners policies. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. reasonable repairs The peril causing this loss is malicious mischief. How does the homeowners policy limit coverage for these types of property? For example,traditionalcoverage may cover the loss from a fire or theft. Relatives of the named insured, meaning they are related by blood, marriage, or adoption DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. The property section of the homeowners policy excludes coverage for certain types of property. A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. D) An insured, an agent, an insurer and a claim. 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. B. Structures that are set apart from the dwelling by a clear space If the cost to repair or replace is less than five percent of the dwelling limit and less than $2,500, the holdback requirement does not apply. Choose the false statement regarding the coverage of property under a Homeowners Policy. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: D. Territorial Limits. The factors involved in location decisions include. Broad perils coverage - These two Forms provide Broad Form Perils Coverage. B. imports and exports Debris removal Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. What homeowners form would be most appropriate for their insurance needs? Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. B. provides all-risk coverage. How can government use taxes to reallocate the use of resources in the economy? B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results Covered up to 10% if kept at a location other than the main residence, True or False Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? The Tuttles own a late-19th century Victorian home. The standard mortgage clause specifies the rights and duties of the mortgagee which include, Paying the premium if the insured fails to do so, The homeowners forms contain certain additional coverage. D. a good mood. The assigning of the value of the insuredproperty will vary by the insurance provider. Which of the following is considered personal property not covered by the homeowners policy? Joaquin wants both property and liability insurance in one policy. 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? all of the following are special personal property limits under a homeowners policy EXCEPT: a. Vandalism and malicious mischief losses are excluded under the Homeowners Policy: When the property has been vacant for 60 consecutive days - Since vacant property possesses a higher susceptibility to being vandalized, the policy excludes vandalism coverage when insured homes are vacant for 60 days or longer. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises \end{array} All of the following statements about the federal flood insurance program are true EXCEPT. damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type As their agent, which homeowners coverage form should you offer them? An insurance deductible doesnt apply to this coverage. D) Personal property replacement cost endorsement. D) damage to the neighbor's clothing. Which of the following is true regarding an unendorsed HO-4 (tenants form)? coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater.
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