Under an HO-3 policy, what is the coinsurance requirement? A. cattle shipped to market C. $250 A Special personal property. Does homeowners insurance cover theft outside the home? Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? C. furs and jewelry A. Detached private structures on the residence premises Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? A. The preferred stockholders are also due to receive dividends in arrears for one year. D. jewelry, Inland Marine covers: A. commercial buildings \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ A. A Homeowners Policy will not cover theft of a boat away from premises 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? P & C Licensing Exam Flashcards | Chegg.com C) Coverage C--Personal property increased limits. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? A. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. A HO-3 policy provides coverage on which basis? $0 The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. B. Exhibition floater The markings on the door did not permanently damage it but the door required cleaning and minor repair work. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? 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. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. 4.3.3 Workers Compensation Premium Computation, PI: 3.5.1 & 3.5.2 Farm Insurance Coverage / L, PI: 3.6.1 National Flood Insurance Program (N, PI: 3.7.1 Regulation of Property Insurance, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. What is it? On dry pavement, the standard deviation is 16 feet. lawnmowers, Bodily injury to others The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Coverage D of a Homeowners Policy includes loss of income from an incidental business C. positive state affect aircraft C. homes D) damage to the neighbor's clothing. D. The Damage to Property of Others duplicates coverage that is included in Section I. How can government use taxes to reallocate the use of resources in the economy? Which homeowners insurance form is appropriate for Marilyn and Dan? What should their agent tell them? When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. A rare and expensive gun was stolen from it. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. C. It covers injury to an employee, as well as attendees, arising out of day care operations A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. 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. covers public art collections. She purchased the necessary lumber and it's piled in her back yard. Property such as electronics, firearms, business property, and watercraft may have limitations. 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. A neighbor is injured while helping the insured install a carpet --- First Aid Expenses Coverage applies to first aid to others caused by Bodily Injury covered under the policy, but does not pay for first aid to an insured. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. On what form is his policy written? Coverage is provided to property of boarders not related to the insured A. jewelry salesperson's sample case Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. Under your standard coverage, expensive jewelry, firearms, and furs may not be sufficiently covered scheduled personal property coverage can insure these items up to their full value. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence D. Camera floater, Which floater may be used to cover office equipment and furniture? Personal Property Replacement Cost Loss Settlement. B. Marilyn and Dan live in an apartment. 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. 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. 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. B. mariners Retrieve copies of either the receipts or appraisals of each item. Accessed Oct. 15, 2021. Money is covered up to $500 per occurrence - The limit on money is $200. B. 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. sailboats Read our, Definition and Examples of Scheduled Personal Property, Pros and Cons of Scheduled Personal Property, Answers to Common Homeowners Insurance Questions, What You Need To Know About Hurricanes and Insurance Coverage. A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. War A. inland marine D. Territorial Limits. Physicians and Surgeons Floater What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. 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 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? Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? $1,500 for trailers not used with watercraft b. Definition. A. $$ What Is an Insurance Endorsement? The police arrested the worker and returned the stolen property, including Laura's one emerald earring. Which of the following is not true concerning Section II of the Homeowners Policy? 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. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. A. ), $74,850.0035,798.00\begin{array}{r r} B. Dwellings under construction are covered for theft Installment Sales Floater 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. Commercial floaters cover: What Coverage C special limit of liability applies to the loss? B. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. Her jeweler will reproduce the lost earring for $10,000. Which of the following would not be included in the meaning of 'insured' in a homeowners policy? Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Theft from a dwelling under construction prior to its occupancy \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ PDF Endorsement Ho 04 61 Scheduled Personal Property Customer Bailee Floater Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Which of the following is considered personal property not covered by the homeowners policy? PI: 3.1.1 Homeowners Policy Flashcards | Quizlet Chapter 4: Homeowners Flashcards | Quizlet Bodily injury sustained by an employee in the course of employment, damage arising out of boats rented to others, and damage arising out of watercraft being operated in a race are not covered. D. Damage to property owned by the insured's tenant. It provides Commercial General Liability coverage for the day care operation HO-3 is a comprehensive policy. A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. A. Note: We don't currently offer the ability to schedule property, but stay tuned! B. What Is an Insurance Rider in a Homeowners Policy? | Allstate A. A) Special limits of liability. The coverage limit for jewelry is $10,000 (no per-item limit) and is subject to the policy deductible (the amount you'll have to pay before insurance coverage kicks in). Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. D. 90. Per person -- Medical payments coverage for all types of policies pays on a 'per person' limit, 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. keep the $10,000 loss payment and the recovered property. Which of the following is true regarding Section II of the Homeowners Policy? C. a leased warehouse Which of the following Coverages is not found under Section I of the Homeowners Policy? 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. pools D. outboard motors and fishing tackle, Ocean Marine Insurance covers: intended use 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? Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. STANDARD HOMEOWNERS ENDORSEMENTS - Insurance Coverage Law Center 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. C. Home schooling is covered under a Homeowners Policy B. single family homes A. Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. B. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. lightning The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. Which would NOT purchase a bailee's floater? D. commercial buildings. theft, Additional coverages found in all homeowners forms include, Debris removal Property in transit. 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? A. fur coats B. negative state affect 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. 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. Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results For instance, if your policys dollar limit is $4,000 for all your valuables but their total value exceeds that amount, youll need to purchase a scheduled personal property endorsement to have your valuables fully covered. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. Choose the true statement concerning Homeowners Policies. . & \$74,850.00\\ 13 Q On what form is Albert's homeowners policy written? It includes various perils outside your typical dwelling coverage. Coverage may be increased beyond the $2,500 additional coverage (10.) The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? 30 His insurance agent suggests that he add which endorsement to adequately cover his watch? Liability Coverages are set forth in Section II of the Policy. A. golf clubs $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. Understanding Home Insurance | Mass.gov C. An attached garage A. In what type of home does Mrs. Zabinski live? All of the following definitions are true of a Homeowners Policy, except: What do you tell her? Laura's insurer paid $10,000 claim to reproduce the missing earring. What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? Personal Property Replacement Cost - Dick Law Firm coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. Caterpillar had no preferred stock outstanding. fences A. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. Water damage Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. Coverage does not apply to property damage covered under Section I of the policy. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. A. detached garages What Is an Insurance Endorsement? | Allstate A. He keeps a considerable amount of cash and other valuables on him and around his home. 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. Derek's agent tells him. B. stamp and coin collections All of the following statements is correct about a Homeowners Policy, except: includes: Under the HO-8 policy, the dwelling is valued on which basis? D. A speaker system installed in the insured's car. Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? They believed that they did not get enough for this property because the settlement was based on actual cash value. What are the main advantages to the insured if the homeowners policy is a package policy? On wet pavement, the standard deviation of stopping distances is 32 feet. C. fine art A. broad the maximum amount of coverage that can be written on any single dwelling is $25,000. What are the implications of your statistical conclusions in terms of driving safety recommendations? Why You Should Consider Scheduled Personal Property Coverage A. Learn about several types of riders that may be available on a home insurance policy. Which statement is correct about these forms? 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. CH. 5 Homeowners Flashcards | Quizlet Renters insurance can do more than help protect your property. B. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. 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. Although Laura thought she had lost her emerald earring, the pair was stolen by a temporary worker who accidentally left one of the earrings behind. Select the person who is not considered an insured under an HO-3 policy? fire One day the dog attacks a neighbor while she is working in her own yard. What is the difference in the weekly salaries of these two jobs? Medical payments coverage is not available for a residence employee personal property of roomers or boarders is excluded under the homeowners policy. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: Which floater covers works of art sold by an art gallery on a consignment basis? A. What is covered by standard homeowners insurance? | III However, which type of property is covered? D) An insured, an agent, an insurer and a claim. Gabriella lives in a multi-unit dwelling. C. stated value occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured 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.