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? On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Relatives of the named insured, meaning they are related by blood, marriage, or adoption Accessed Oct. 15, 2021. C. The insured's tenant Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. 45 In addition, it provides personal liability coverage. Costs the insured was already paying before incurring the loss are not covered. C. homes $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 What is his objection to actual cash value and what, if anything, can he do about it? B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. Under the HO-8 policy, the dwelling is valued on which basis? Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. Which statement is correct about these forms? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. Scheduled personal property. Learn more about how endorsements can affect your coverage. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: C) No coverage is available. B. Coverage D of a Homeowners Policy includes loss of income from an incidental business all of the following are special personal property limits under a homeowners policy EXCEPT: a. What definition in his homeowners policy describes his home? B. You also have up to $500 of coverage for unauthorized use of your credit cards. The different classes of property that are eligible for coverage . Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. He has a homeowners policy and wonders if it covers the business equipment. B. B. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. An insurer is not required to accept any property that an insured has. This modifies the basis of loss settlement from ACV to replacement value. Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? 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. Homeowners Policies Flashcards | Chegg.com The homeowners policy contains which of the following types of insurance coverage? How can government use taxes to reallocate the use of resources in the economy? Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. 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. 7 Q An insured's home is covered by a DP-3. Mr. Conrad lives on the second floor of a duplex he bought. The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. B. 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. Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. 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. C. Contractor's Equipment Floater Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? Your insurance companys underwriting team will review and get back to you with the status of your request. 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. Structures that are set apart from the dwelling by a clear space War A. A. ships' cargo 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. 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. B. Insects and vermin A. Types of Homeowners Insurance (Policy Forms) | Credible Which of the standard homeowners policies includes malicious mischief as a named peril? D) Whatever it will reasonably cost. Which of the following is not an Additional Coverage on the homeowners policy? 150,000 to Carole and $75,000 each to Sandra and Lynn. Which homeowners insurance form is appropriate for Marilyn and Dan? Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises D. loading docks and cattle shipped to market, All-risk policies cover: He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. Her jeweler will reproduce the lost earring for $10,000. Other structures, which include items such as sheds, fences, and the mailbox. Joaquin wants both property and liability insurance in one policy. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. Choose the true statement concerning Homeowners Policies. Personal Articles Floater $1,500 for trailers not used with watercraft b. Wisconsin Office of the Commissioner of Insurance. 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 . By purchasing the right insurance policy, you may be able to protect yourself from the financial costs of unforeseen losses, such as fire and natural disasters, frozen pipes, or even burglaries. Under an HO-3 policy, what is the coinsurance requirement? D. provides named peril coverage. B. Dwellings under construction are covered for theft Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . Customer Bailee Floater D. a good mood. C) the neighbor's medical expenses. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? Texas Department of Insurance. How Much Homeowners Insurance Coverage Do I Need? What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? An insured has how many days grace period to get most Floater items scheduled? Mac bought a new gas grill from a local department store. 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? Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? D. Territorial Limits. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. B) Scheduled personal property endorsement. unendorsed HO policy, there's not enough premium to handle the multitude of events that can cause a substantial loss of value to collectible stamps and coins. vandalism and malicious mischief How was this claim paid? 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. B. stamp and coin collections According to Menger, what was the main concern of individuals in early trade situations? What is it? Michael and Tricia have spent much time and money to landscape their property. 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. All of the following would be included in the definition of 'insured location', except: A 5-family dwelling in which the insured lives in one of the units, including the structures and grounds ----Eligible residential dwellings are those containing one to four residential units and no more than 2 roomers or boarders per family. Charles Munyi has over eight years of experience as a personal finance writer. Theft from a dwelling under construction prior to its occupancy Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? On what basis was the loss settled? A. 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 A Fine Art Floater: Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? A. Dwellings under construction are covered for theft B. B. This provides coverage for specific items of property that exceeds the internal limit on the policy, Loss settlement is based on the ____ ____ ____ up to the amount listed on the endorsement. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. D) damage to the neighbor's clothing. Get home insurance quotes for scheduled personal property coverage Compare rates explosion Property such as electronics, firearms, business property, and watercraft may have limitations. Coverage B: Other Structures A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Which type of liability limit applies to Medical Payments coverage? C. golf clubs Scheduled personal property endorsement Crew of ships are covered by the? Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? & \$74,850.00\\ 80% of the replacement cost. 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? Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? As an example, your policy may state that it will cover a maximum of $1,500 for losses of watches, precious stones, and other jewelry. What Coverage C special limit of liability applies to the loss? Inherent vice pools A Personal Articles Floater: The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. 70% of the replacement cost. Open perils -- The HO-5 is the broadest policy providing open perils coverage on Coverages A, B, and C. Which person is not a covered resident under the Homeowners Policy? A. For example,traditionalcoverage may cover the loss from a fire or theft. What coverage on her homeowners policy will pay for the necessary increase in living expenses she incurs because of her evacuation by a civil authority? 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. is an unscheduled blanket policy. D) Personal property replacement cost endorsement. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. What does the representative tell them? Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. 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 keep the $10,000 loss payment and the recovered property. These duties include household and domestic services, such as those of a gardener or nanny. Floater Insurance Definition - Investopedia Under the holdback requirement of a homeowners policy, the insurer must pay only the actual cash value of the loss until the actual repair or replacement is completed, subject to one exception. Floater insurance is a type of insurance policy that covers personal property that is easily movable and provides additional coverage over what normal insurance policies do not. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. 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 Which of the following additional coverages is only included in certain homeowners forms? Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. Which statement is false? C. reservations 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. B. 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. Which would NOT purchase a bailee's floater? A. jewelry salesperson's sample case B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape Coverage D: Loss of Use, Coverage E: Liability A standard homeowners insurance policy covers your personal property up to a specific limit. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. theft, Additional coverages found in all homeowners forms include, Debris removal C. a home under construction that the owner intends to occupy 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. A. Which of the following is not an option available to Laura? A. B. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Which of the following is not one of these duties? The Tuttles own a late-19th century Victorian home. If her ring is stolen, the insurer will pay (given a $250 deductible)? B. provides all-risk coverage. Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. Covered up to 10% if kept at a location other than the main residence, True or False Borrowed property meets the definition of contents The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. C. a leased warehouse Cater pillar I nc. A. 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. Unscheduled Personal Property Coverage Covered up to 10% if kept at a location other than the main residence True or False The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not True The permitted incidental occupancy endorsement Marc and Nancy insure their home for $300,000 with a homeowners policy. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? A. covers public art collections. The court orders that the animal be put to sleep. B. jettison, Floaters provide which type of coverage: True or False? It offers "open perils" protection for your house and detached structures like garages, sheds, fences. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? Damage to Property of Others coverage is provided up to a specified limit regardless of negligence sailboats What is the ppp-value? 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. 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. As their agent, which homeowners coverage form should you offer them? Mrs. Delaney hired a contractor to build a deck on the back of her house. Which of the following is false in regard to the Home Day Care endorsement? Personal Articles trees, shrubs, plants - all relatives of the named insured who live in the same household 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? A. Question 54 of 63 D. outboard motors and fishing tackle, Ocean Marine Insurance covers: Eloise installed an in-ground swimming pool in the back yard of her home. $0 Which of the following would not be eligible to purchase a Homeowners Policy? B. salespersons' samples, Marine Transportation Insurance covers: A model airplane A) 5% of the Coverage A limit. B. an open perils (all-risk) basis. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. In contrast, a traditional homeowners policy covers the property on an actual cash value basis. A. covers inherent vice. 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. Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. C. furs and jewelry A. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. In what type of home does Mrs. Zabinski live? These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. Chapter 8 Flashcards by Antonio Abarca | Brainscape Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. D. Camera floater, Which floater may be used to cover office equipment and furniture? C. Damage to property owned by the insured C. Vermin Advertisement 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. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. B. Insects PERSONAL INLAND MARINE - The Rough Notes Company Inc. D. $1,000, Ocean Marine covers: A. fur coats B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results C. Installation Floater How much did Molly's insurance company pay to the mortgagee? Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. C. Borrowed property meets the definition of contents A. C) The criminal, the crime, a police officer and a court of law. What endorsements allows an insured to purchase coverage in excess of the special limits of liability contained in the homeowners policy for certain items of personal property'such as jewelry, fine arts, and musical instruments'and also broadens coverage? B. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? For instance, if you insure your home for $120,000 and your policy covers your personal property at 10%, your personal items will be insured for up to $12,000. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. Their homeowners policy imposes certain duties on them when a loss occurs. D. leased buildings, Each of the following is a Personal Floater EXCEPT: A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. D. jewelry, A dry cleaner delivering clothes to customers should get: A. buildings C. Coverage is not provided to a garage rented for private garage purposes Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? In some situations, property owned by others may also be covered under a standard policy. damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type Which of the following is true regarding Section II of the Homeowners Policy? (Round to the nearest cent. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. It may provide protection in the event of a covered loss, such as theft or fire. Throwing cargo into the sea to save a sinking ship is: The diamond fell out of its setting and was lost. A show dog Liability Coverages are set forth in Section II of the Policy. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. 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. What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? 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 Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . However, there are limits for the coveragevalue for eachitem. D. Private structures owned by the insured at other locations. 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. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except 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 furniture The required reserve ratio is 10 percent. 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. ), $74,850.0035,798.00\begin{array}{r r} C) Coverage C--Personal property increased limits. B. A HO-3 policy provides coverage on which basis? STANDARD HOMEOWNERS ENDORSEMENTS - Insurance Coverage Law Center 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. civil commotion D. Any person legally responsible for watercraft owned by an insured. On a standard homeowners policy, coverage divides into categories including. Damage caused intentionally by the insured's 10-year-old son You may not realize the value of what you own until your home is damaged or vandalized. How would a covered loss to their home be settled or adjusted? The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. 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. A. affective events theory Chapter 5 - Homeowners Policy Flashcards | Quizlet 13 Q Special coverage for jewelry and other valuables - III Scheduled personal property endorsement. A Quick Guide on How to Insure Jewelry - Investopedia Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. Each insurance company will value your personal property differently. Under what section of her homeowners policy is the pool insured, if at all? Animals, birds, fish A. commercial buildings Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings.
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