The policy states that the insurance company will provide defense for the insured at the insurer's expense, even when the insured is not at fault. Throwing cargo into the sea to save a sinking ship is: A. B. D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? Under what section of her homeowners policy is the pool insured, if at all? All of the following statements about the federal flood insurance program are true EXCEPT. 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. He asks his insurance agent if the family cemetery plot and the small greenhouse he rents to a friend who grows and sells orchids are also covered under the policy. C. Coverage is not provided to a garage rented for private garage purposes A. affective events theory fences Which of the following would not be included in the meaning of 'insured' in a homeowners policy? D. Damage to property owned by the insured's tenant. Your insurance companys underwriting team will review and get back to you with the status of your request. & \$74,850.00\\ Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. 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. The replacement value of the home is $450,000. Installment Sales Floater What are the implications of your statistical conclusions in terms of driving safety recommendations? Personal Articles Floater You also have up to $500 of coverage for unauthorized use of your credit cards. C. exports Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. 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? C. Contractor's Equipment Floater Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Which homeowners insurance form is appropriate for Marilyn and Dan? 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. Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? Damage arising out of the insured's business pursuits Laura's insurer paid $10,000 claim to reproduce the missing earring. A. broad A. a warehouse Learn more about how endorsements can affect your coverage. Under what coverage part of her homeowners policy is the lumber insured? This year, $500,000\$ 500,000$500,000 is to be distributed. B. 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. However, there are still a couple of issues to note when using a form such as the HO 04 61 (05 11)Scheduled Personal Property Endorsement. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. The stone could be replaced for $1,700. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence It offers "open perils" protection for your house and detached structures like garages, sheds, fences. Each of these payouts would be subject to a deductible. B. B. 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. Which endorsement would have provided a better loss settlement? 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 A. buildings Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? You may not realize the value of what you own until your home is damaged or vandalized. Water Damage (Excluded from all homeowners policies), Supplementary payments of the homeowners policy section 2 are paid, Which of the following losses would be 100% covered under Coverage C-personal property, A $1,250 fur coat that was stolen from the premises, Material misrepresentation by the insured requires & Substantial change in risk insured requires. Learn about what is typically covered in a renters policy and additional coverages you may want to consider. property removed, Section II provides coverage to third parties including, first aid provided by the insure 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. 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. Territorial Limits. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. Open perils coverage is available by Endorsement for scheduled items at an additional premium. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. D. a good mood. C) Coverage C--Personal property increased limits. \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. 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. Installment Sales Floater 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. D. Installation Floater, Tourist luggage is insured by which floater? Accessed Oct. 15, 2021. In addition, Birinyi Associates identified Caterpillar as one of the top five companies to repurchase their own shares in a recent year.12 Three recent years of earnings and average common shares outstanding data for Caterpillar are as follows (in millions): Year3Year2Year1Netincome$3,695$3,789$5,681Averagenumberofcommonsharesoutstanding617.2645.2652.6\begin{array}{lrrr} C. golf clubs $2,500 for theft of firearms c. $500 for business personal property on the insured premises d. $1,500 for securities, accounts, deeds, and evidences of debt c. $500 for business property A. replacement cost Moving property adds some risks you don't normally face, so it makes sense to protect your farm personal property if you're going to be moving it from place to place. D. Lumber in the insured's yard to be used to build a deck off the kitchen. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. 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. 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. Which of the following is not covered if the insured has broad peril coverage? D) Personal property replacement cost endorsement. C. a leased warehouse What is the amount of the dividend s in arrears? The factors involved in location decisions include. the maximum amount of coverage that can be written on any single dwelling is $25,000. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. intended use 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? C. Inherent Vice Coverage D: Loss of Use, Coverage E: Liability A. covers public art collections. Definition. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. claim expenses Under the HO-8 policy, the dwelling is valued on which basis? 150,000 to Carole and $75,000 each to Sandra and Lynn. What Does Homeowners Insurance Cover and Not Cover? A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. The earthquake endorsement is attached to Paulina's homeowners policy. Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises ), $74,850.0035,798.00\begin{array}{r r} 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. What Is an Insurance Endorsement? Well not relieve the insure of its policy obligations What does the representative tell them? The markings on the door did not permanently damage it but the door required cleaning and minor repair work. for landlord . A. B. B. gun collections The Watercraft Liability endorsement provides which coverage? War 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. 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. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? 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 insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. D. The Damage to Property of Others duplicates coverage that is included in Section I. The endorsement provides replacement cost coverage on certain building items that are expressly excluded from the replacement cost coverage applicable to buildings: awnings, carpeting, household appliances, outdoor antennas, and outdoor equipment, in addition to replacement cost coverage on personal property. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? A Personal Articles Floater: D. It covers injury to attendees while loading or unloading them from draft or saddle animals. They believed that they did not get enough for this property because the settlement was based on actual cash value. Borrowed property meets the definition of contents Renters insurance can do more than help protect your property. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: Damage to Property of Others coverage is provided up to a specified limit regardless of negligence 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. Describe the procedure and comment on its fairness. Choose the false statement regarding the coverage of property under a Homeowners Policy. Dave has a homeowners insurance policy. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results A Homeowners Policy will not cover theft of a boat away from premises A) Coverage C--Personal property. 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. Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. The land on which the dwelling is located For example, a CSR could use one of the following endorsements to provide coverage for an insured's expensive jewelry: Scheduled Personal Property Endorsement (HO 04 61 05 11) or Scheduled Personal Property Endorsement (With Agreed Value Loss Settlement) (HO 04 60 05 11). Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? Which type of liability limit applies to Medical Payments coverage? Which of the following is not an option available to Laura? Determine the number of times interest charges are earned for 2014 and 2013. Scheduled personal property coverage is an endorsement you can add to your home insurance. People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. B. It may provide protection in the event of a covered loss, such as theft or fire. An employee whose duties are related to the maintenance of the residence premises, is defined as which of the following under Section II of the Homeowners Policy? An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Members of the family under the age of 24 living at school away from the home She purchased the necessary lumber and it's piled in her back yard. On what form is Albert's homeowners policy written? Liability coverages are set forth in Section II of the Policy. Retrieve copies of either the receipts or appraisals of each item. He has a homeowners policy and wonders if it covers the business equipment. Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. Which of the following is not true concerning Section II of the Homeowners Policy? If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. Installment Sales Floater 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. D. Private structures owned by the insured at other locations. Personal property is a class of property that can include any type of asset other than real estate. A scheduled personal property endorsement is an endorsement that allows certain property which might not be covered by a standard homeowners' insurance policy to be covered. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. 1 An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. Which of the following property is covered under the Homeowners Policy? For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Determine the earnings per share for Years 13. 7 Q An insured's home is covered by a DP-3. His insurance agent suggests that he add which endorsement to adequately cover his watch? Marilyn and Dan live in an apartment. An insurance deductible doesnt apply to this coverage. B) Special property limits. A. Costs the insured was already paying before incurring the loss are not covered. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. C. Vermin 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. Coverage may be increased beyond the $2,500 additional coverage (10.) DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. D. Coverage D of a Homeowners Policy covers additional living expenses. Liability - Section I of the Homeowners Policy contains the Property Coverages. A. golf clubs B. bridges owned by municipalities 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. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? 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. $0 A standard homeowners insurance policy covers your personal property up to a specific limit. Which of the following would not be eligible to purchase a Homeowners Policy? B. Dwellings under construction are covered for theft A model airplane 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 A. commercial buildings Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. It extends Section II coverages to the insured's home day care business Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. Her agent recommends a. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. Customer Bailee Floater Which floater covers works of art sold by an art gallery on a consignment basis? Other named peril losses are covered up to the Coverage C limit. | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. The right of privacy was not acknowledged as a separate right until the 1960s. Under the HO-4 and HO-6, personal property is covered on which basis? C. homes A. Property in transit. pools Which of the following statements about coverage under the federal flood insurance . | Allstate Personal property coverage is designed to help protect your belongings. 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. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. 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. 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. Also known as. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except 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? This modifies the basis of loss settlement from ACV to replacement value. B. A. a stated value basis. Coverage C: Personal Property These duties include household and domestic services, such as those of a gardener or nanny. replacement cost coverage is available by endorsement, for an additional premium. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? A) damage to the neighbor's yard. A. domestic transportation shipments Protection extends to additional types of loss above that covered by the homeowner's policy. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. 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. For more jewelry. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. 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. Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Physicians and Surgeons Floater Which statement is true concerning Section II of a Homeowners Policy? Bicycle floater $100 $26,250 ---- The Coverage B total is $25,000, and the policy allows for an additional 5% for debris removal: $25,000 + 5% or $1,250 = $26,250. The assigning of the value of the insuredproperty will vary by the insurance provider. & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ What Coverage C special limit of liability applies to the loss? One classified ad lists a job that pays 64.6K. 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. Kevin is looking for a job as a piano technician. C. A hovercraft By purchasing a scheduled personal. Payment of the actual cash value or a proportional share of the loss, whichever is greater, Averagenumberofcommonsharesoutstanding, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, CHM 101 Exam #3 Chapter 11 Lecture Notes From, Chapter 6 - Addiction Across the Life Span. 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. Your company has 120,000120,000120,000 shares of cumulative preferred stock that pays dividends at $30.25\$ 30.25$30.25 per share and 200,000200,000200,000 shares of common stock. vandalism and malicious mischief People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. A. A little later the grill explodes and damages Mac's home. non-owned vehicles Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. A. 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. $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. What should their agent tell them? The insurance company says it will replace the watch instead of making a loss payment. B. ocean marine, Which peril is covered by a scheduled personal property endorsement?
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