D. leased buildings, Each of the following is a Personal Floater EXCEPT: B) cost to have the dog put to sleep. 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. If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. - any other residents who are under 21 and in the care of any member of the insured's family The homeowners policy contains which of the following types of insurance coverage? \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ On what form is his policy written? A. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Of the following statements concerning Homeowners policies, which is correct? Take pictures of all items and receipts, and send them to your insurer. How Much Homeowners Insurance Coverage Do I Need? C. Coverage is not provided to a garage rented for private garage purposes What do you tell her? 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. What does the representative tell them? A. Dwellings under construction are covered for theft 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. Bicycle floater C. exports 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? Each insurance company will value your personal property differently. This year, $500,000\$ 500,000$500,000 is to be distributed. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. In contrast, a traditional homeowners policy covers the property on an actual cash value basis. D) An insured, an agent, an insurer and a claim. Floater Insurance Definition - Investopedia for landlord . Protection extends to additional types of loss above that covered by the homeowner's policy. In the research study, 16 automobiles traveling at the same speeds are tested for stopping distances on wet pavement and then tested for stopping distances on dry pavement. C. Fine art floater sailboats Which of the following is not an Additional Coverage on the homeowners policy? C. homes She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. A. What limitations, if any, apply to cash and securities? B. 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? Covered up to 10% if kept at a location other than the main residence, True or False The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. How was this claim paid? Coverage D: Loss of Use, Coverage E: Liability Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. 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. Determine the earnings per share for Years 13. The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. Michael and Tricia have spent much time and money to landscape their property. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Coverage does not apply to property damage covered under Section I of the policy. Which of the following would not be included in the meaning of 'insured' in a homeowners policy? Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. It extends Section II coverages to the insured's home day care business C) Coverage C--Personal property increased limits. B. bridges owned by municipalities A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? Select the person who is not considered an insured under an HO-3 policy? The diamond fell out of its setting and was lost. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ A scheduled personal property endorsement may be used to cover each of the following EXCEPT: A. bicycles and clothing B. decks and awnings C. birthday gifts and wedding gifts D. paintings and jewelry B. decks and awnings Sheep shipped to market are insured by: A. Inland marine insurance B. homeowner policies A. Inland marine insurance D. Installation Floater, Tourist luggage is insured by which floater? Determine the number of times interest charges are earned for 2014 and 2013. keep the $10,000 loss payment and the recovered property. A. commercial buildings The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. 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. War C. A hovercraft The court orders that the animal be put to sleep. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? 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. A rare and expensive gun was stolen from it. Get home insurance quotes for scheduled personal property coverage Compare rates D. The Damage to Property of Others duplicates coverage that is included in Section I. D. a good mood. Which statement is true concerning Coverage D of the Homeowners Policy? B. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. What should their agent tell them? A Special personal property. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. Debris removal Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. What Coverage C special limit of liability applies to the loss? D. Breakage, Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamental Financial Accounting Concepts, Alvin A Arens, Mark A Beasley, Randal J Elder. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence Property and Casualty Overall Test Flashcards | Chegg.com Scheduled personal property endorsement Crew of ships are covered by the? B. replacement cost coverage is available by endorsement, for an additional premium. A windstorm damages Tyrone and Belinda's garage and screened-in porch. aircraft What endorsement do you recommend? Property and Casualty Flashcards | Chegg.com The required reserve ratio is 10 percent. Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. chapter 12 p and c course Flashcards | Quizlet Laura's insurer paid $10,000 claim to reproduce the missing earring. D) damage to the neighbor's clothing. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. Also known as. What Is Personal Property Coverage? What is the ppp-value? 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. The Tuttles own a late-19th century Victorian home. replacement cost coverage is available by endorsement, for an additional premium. }\\ 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. A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. B. A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. B. provides all-risk coverage. (Round to the nearest cent. B) $500.00 The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. The HO-5 personal property coverages are insured on which basis? A. fur coats Scheduled Personal Property Endorsement - Insuranceopedia.com A. What Does Homeowners Insurance Cover? | The Zebra C. Home schooling is covered under a Homeowners Policy D. Any person legally responsible for watercraft owned by an insured. D. Coverage is not provided to a garage rented for private garage purposes. Under what coverage part of her homeowners policy is the lumber insured? motorized wheelchairs The policy details the dollar amount for the standard coverage of various categories. A complete list or inventory of your personal property and its total value will help you decide how much coverage is adequate and make filing claims easier. The coverage for Damage to Property of Others excludes property that is covered in Section I 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. Personal property on most policies include clothing, shoes, furniture,appliances, and other items. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. B. single family homes - all relatives of the named insured who live in the same household The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. C. a home under construction that the owner intends to occupy P & C Licensing Exam Flashcards | Chegg.com 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. 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. 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. A Quick Guide on How to Insure Jewelry - Investopedia Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: C. Borrowed property meets the definition of contents 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. Sandra, Lynn, and Carole inherited their family home from Mrs. North. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. They ask their agent if there is sufficient coverage under their standard homeowners policy for these high value items, and, if not, what is the best way to insure them. A. Structures that are set apart from the dwelling by a clear space B. imports and exports HO-3 Home Insurance Policy Breakdown | Homeowners Insurance Cover B. gun collections B. Dave has a homeowners insurance policy. lightning A. broad Tom and Ann have just bought a condominium for their residence. 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. loading docks and cattle shipped to market, All-risk policies cover: 150,000 to Carole and $75,000 each to Sandra and Lynn. 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. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. His insurance agent suggests that he add which endorsement to adequately cover his watch? For more jewelry. Chapter 8 Flashcards by Antonio Abarca | Brainscape The Home Day Care endorsement does not provide which of the following? A. Detached private structures on the residence premises Texas Department of Insurance. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results An insured has how many days grace period to get most Floater items scheduled? | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. 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? The stone could be replaced for $1,700. Liability Coverages are set forth in Section II of the Policy. $100 D. Coverage D of a Homeowners Policy covers additional living expenses. 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? After a fire damages a home, how much is the insured entitled to recover for buying materials to board up the windows under the homeowners policy? 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. Two years ago, the insured bought the home for $58K. A. Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. 70% of the replacement cost. A. inland marine Structures rented to someone who is not a tenant for use only as a private garage. Special coverage for jewelry and other valuables - III lawnmowers, Bodily injury to others C. is an unscheduled blanket policy. 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. Which would NOT purchase a bailee's floater? Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. 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 Costs the insured was already paying before incurring the loss are not covered. A. replacement cost In what type of home does Mrs. Zabinski live? Charles Munyi has over eight years of experience as a personal finance writer. 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?
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