C. fine art What is the amount of the dividend s in arrears? 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. Renters insurance can do more than help protect your property. What is the ppp-value? C. Borrowed property meets the definition of contents 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. B) cost to have the dog put to sleep. Protection extends to additional types of loss above that covered by the homeowner's policy. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? B. 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 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. A. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. C. Home schooling is covered under a Homeowners Policy C) The criminal, the crime, a police officer and a court of law. 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. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? Each insurance company will value your personal property differently. A. 70% of the replacement cost. What is relocation diffusion in human geography? Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? 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. After ttt months on the job, a postal clerk can sort Q(t)=700400e0.5tQ(t)=700-400 e^{-0.5 t}Q(t)=700400e0.5t letters per hour. D) An insured, an agent, an insurer and a claim. Home Replacement Cost vs Actual Cash Value | Allstate Scheduled personal property coverage is an insurance rider (also known as an endorsement) homeowners can add on to their existing policy to get more protection for their valuables. A. cattle shipped to market An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. 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. 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. The homeowners policy contains which of the following types of insurance coverage? For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Homeowners Property Coverage Flashcards | Quizlet 45 The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. Mr. Conrad lives on the second floor of a duplex he bought. It includes various perils outside your typical dwelling coverage. On what form is Albert's homeowners policy written? Round to the nearest dollar. The land on which the dwelling is located --- While vacant land is included in the definition of 'insured location,' for the purposes of liability coverage, no property coverage is provided for land under the Homeowners policy. Take pictures of all items and receipts, and send them to your insurer. B. imports For more jewelry. Property such as electronics, firearms, business property, and watercraft may have limitations. 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. civil commotion Other named peril losses are covered up to the Coverage C limit. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? 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. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage How Much Homeowners Insurance Coverage Do I Need? Damage arising out of the insured's business pursuits Scheduled personal property is optional coverage you can add to your standard homeowners insurance policy to cover more risks and increase coverage limits on some high-value items. 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. Under a Homeowners policy, Coverage B is what percentage of Coverage A? A. D. commercial buildings. PI: 3.1.1 Homeowners Policy Flashcards | Quizlet A. Also known as scheduled personal property coverage, this is a way to raise the coverage limits of specific high-value items, such as valuable family heirlooms, that you own. 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. A. What limitations, if any, apply to cash and securities? In what type of home does Mrs. Zabinski live? A Homeowners Policy will not cover theft of a boat away from premises (The home cannot contain more than 4 families), are also eligible for homeowners policy if the named insured is to be the occupant, Which of the following is the correct formula used to calculate ACV, Loss sustained while the injured party is on an insured location with any insured's permission is covered under, The insurance limit for coverage B-other structures is, 10% of Coverage A (Except for HO-4 and HO-6), All of the homeowners forms provide identical. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? Natalie offers to rent a room in her home to a local college student. C. golf clubs C. reservations C. It covers injury to an employee, as well as attendees, arising out of day care operations Get home insurance quotes for scheduled personal property coverage Compare rates Of the following statements concerning Homeowners policies, which is correct? People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. C. a leased warehouse 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. fences Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. non-owned vehicles Under what coverage part of her homeowners policy is the lumber insured? Installment Sales Floater How can government use taxes to reallocate the use of resources in the economy? Today, it's replacement value is $60K. 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. However, which type of property is covered? A. a stated value basis. The court orders that the animal be put to sleep. A. covers public art collections. 30 Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Scheduled personal property endorsement If the insured owns a watch valued at $10,000, full coverage can be provided on a homeowners policy by purchasing the 80% The dwelling insured on HO-2, HO-3, or HO-5 forms is covered for replacement, provided that it is insured for at least what percentage of replacement cost on the date of loss? Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. furniture Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. The amount specified for this ring in the schedule is $2,000. Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape Personal Property Replacement Cost Loss Settlement. Which of the following additional coverages is only included in certain homeowners forms? B. actual cash value, The least likely method of payment for loss under a Floater is: Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? Choose the true statement concerning Homeowners Policies. 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. 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. What is Scheduled Personal Property Coverage? - Policygenius Loss settlement is based on the actual cash value up to the amount listed on the endorsement. 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 statements about coverage under the federal flood insurance . C. Coverage is not provided to a garage rented for private garage purposes vandalism and malicious mischief Personal Effects, Inland Marine policy losses are usually calculated with which method of valuation: C. Inherent Vice She purchased the necessary lumber and it's piled in her back yard. A. C. Payment under Damage to Property of Others is made regardless of negligence The insurance company says it will replace the watch instead of making a loss payment. 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. C. 100% of the actual cash value. Also known as. Well not relieve the insure of its policy obligations A. ACV Coverage may be increased beyond the $2,500 additional coverage (10.) 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. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. The coverage for Damage to Property of Others excludes property that is covered in Section I If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. B. basic C. stated value Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. Property and Casualty Flashcards | Chegg.com Which floater covers works of art sold by an art gallery on a consignment basis? C. Damage to property owned by the insured What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? D. The Damage to Property of Others duplicates coverage that is included in Section I. 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. fire dept service charge What do you tell her? Michael and Tricia have spent much time and money to landscape their property. B. reasonable repairs Fair market value B. provides all-risk coverage. 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. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Eloise installed an in-ground swimming pool in the back yard of her home. 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. Coverage D of a Homeowners Policy includes loss of income from an incidental business C. 60 Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Select the person who is not considered an insured under an HO-3 policy? \end{matrix} A better solution. A Personal Articles Floater: Tom and Ann have just bought a condominium for their residence. subrogate the claim to seek recovery from the manufacturer. The earthquake endorsement is attached to Paulina's homeowners policy. Under the HO-4 and HO-6, personal property is covered on which basis? D. Installation Floater. Coverage is provided to property of boarders not related to the insured The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. 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. 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. A. affective events theory A. commercial buildings A typical homeowners policy does not cover. What does the representative tell them? She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. Which of the following would not be eligible to purchase a Homeowners Policy? Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. - &35,798.00\\ \hline Which endorsement would have provided a better loss settlement? People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. C. The insured's tenant A. B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. Coverage C: Personal Property Exam 5 Flashcards | Chegg.com Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? B. Insects Structures rented to someone who is not a tenant for use only as a private garage. $1,500 for trailers not used with watercraft b. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? C. exports Chapter 8 Flashcards by Antonio Abarca | Brainscape They believed that they did not get enough for this property because the settlement was based on actual cash value. Under an HO-2 policy with a coverage limit of $50,000 on the dwelling, what is the amount of personal property coverage that would be available? CH 24 rsk mgmt Flashcards | Chegg.com B. Insects and vermin 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. A. Detached private structures on the residence premises D. Territorial Limits. 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. 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. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. 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. An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. True or False? Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. includes: B. imports and exports CA Personal Lines Flashcards A. Record every valuable possession in your house and copy the serial numbers. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. 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 Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Which of the following is not true concerning Section II of the Homeowners Policy? Covered up to 10% if kept at a location other than the main residence, True or False On what form is his policy written? B. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: All of the following statements about the federal flood insurance program are true EXCEPT. Animals, birds, fish How much did Molly's insurance company pay to the mortgagee? Liability coverages are set forth in Section II of the Policy. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? The stone could be replaced for $1,700. is the worlds leading manufacturer of construction and mining equipment. 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. Homeowners insurance Quiz Flashcards | Quizlet A standard homeowners insurance policy covers personal items up to a specific dollar limit, beyond which an insurance company won't compensate you in the event of a loss. B. It may provide protection in the event of a covered loss, such as theft or fire. What homeowners form would be most appropriate for their insurance needs? C. Fine art floater Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. Scheduled Personal Property Endorsement - Insuranceopedia.com 80% of the replacement cost. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. Which of the following would not be included in the meaning of 'insured' in a homeowners policy? Types of Homeowners Insurance (Policy Forms) | Credible A model airplane What should their agent tell them? Homeowners Policies Flashcards | Chegg.com 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? What Is Personal Property Coverage? | Allstate 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. 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. 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. Which of the following is not an option available to Laura? You may not realize the value of what you own until your home is damaged or vandalized. Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? A windstorm damages Tyrone and Belinda's garage and screened-in porch. Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. 150,000 to Carole and $75,000 each to Sandra and Lynn. What Is Personal Property Coverage? The HO-5 personal property coverages are insured on which basis? 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. 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: aircraft These duties include household and domestic services, such as those of a gardener or nanny. Property in transit. Customer Bailee Floater Of the following statements concerning Homeowners policies, which is correct? Chapter 5 - Homeowners Policy Flashcards | Quizlet B. He keeps a considerable amount of cash and other valuables on him and around his home. Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: 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. 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. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Coverage B: Other Structures George just returned from Europe with a beautiful Swiss watch valued at $10,000. A. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Definition. 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. C) Scheduled personal property endorsement. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. 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. What are the implications of your statistical conclusions in terms of driving safety recommendations? B. 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? $0 NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. Which of the following would not be an insured under Section II of the Homeowners Policy? Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? 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. A) damage to the neighbor's yard. D) Personal property replacement cost endorsement. 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. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Power failure, A dwelling policy covers all types of personal properties listed except Medical payments coverage is not available for a residence employee Advertisement If her ring is stolen, the insurer will pay (given a $250 deductible)? theft, Additional coverages found in all homeowners forms include, Debris removal Which of the following is true regarding an unendorsed HO-4 (tenants form)? Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. One classified ad lists a job that pays 64.6K. The assigning of the value of the insuredproperty will vary by the insurance provider. Water damage 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. He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. & \$74,850.00\\ It extends Section II coverages to the insured's home day care business B. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. B. covers private art works. D) Personal property replacement cost endorsement. What is his objection to actual cash value and what, if anything, can he do about it? Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? Dave has a homeowners insurance policy. D. Medical payments coverage is available for the insured and resident relatives. keep the $10,000 loss payment and the recovered property. D. loading docks and cattle shipped to market, All-risk policies cover: