the scheduled personal property endorsement quizlet

D. Medical payments coverage is available for the insured and resident relatives. Wisconsin Office of the Commissioner of Insurance. Policyholders are not subject to a deductible on scheduled items. A typical homeowners policy does not cover. 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. non-owned vehicles To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. A. domestic transportation shipments B. C. Installation Floater What is the ppp-value? 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. fences Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ B. Exhibition floater The cause is determined to be a defect in the grill. Open perils coverage is available by Endorsement for scheduled items at an additional premium. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. D . A. commercial buildings An endorsement can settle personal property losses on a replacement cost basis. Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. 45 B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? A Special personal property. She wonders what the endorsement does. Debris removal In some situations, property owned by others may also be covered under a standard policy. Kevin came home from work to find that his house had been vandalized. A. B. fine art Sandra, Lynn, and Carole inherited their family home from Mrs. North. Today, it's replacement value is $60K. Personal Articles Floater, Inland Marine policies are called? A. A. birthday gifts A Fine Art Floater: 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 . An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? An insurer is not required to accept any property that an insured has. An insured has how many days grace period to get most Floater items scheduled? What Coverage C special limit of liability applies to the loss? 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. A. A. fur coats A. affective events theory Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. A floater can be used to insure each of the following except: A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. On wet pavement, the standard deviation of stopping distances is 32 feet. Coverage D of a Homeowners Policy includes loss of income from an incidental business Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. Describe five common fees assessed on credit card accounts and how they can be avoided. She knows the furniture in her condo unit is covered as personal property under her homeowners policy but wants to know if the stored furniture is also covered and, if so, do any coverage restrictions exist. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. The Home Day Care endorsement does not provide which of the following? Property in transit. A Personal Article Floater can cover: 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. On a standard homeowners policy, coverage divides into categories including. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. $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. C. Borrowed property meets the definition of contents Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. It may provide protection in the event of a covered loss, such as theft or fire. A. Most Personal Articles Floaters are written on: Structures rented to someone who is not a tenant for use only as a private garage. A rare and expensive gun was stolen from it. The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. She purchased the necessary lumber and it's piled in her back yard. The dwelling must be the principal residence of the insured -- The underlying concept of the Homeowners Policy is that owner-occupied property has, in most cases, better care and maintenance than tenant-occupied property and is therefore eligible for package insurance and discounted rates. The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. 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. A speaker system installed in the insured's car. A. broad Structures that are set apart from the dwelling by a clear space Under a Homeowners policy, Coverage B is what percentage of Coverage A? Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. 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. Which of the following is true regarding an unendorsed HO-4 (tenants form)? Complete the table to find the single deposit investment amounts. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. includes: C. golf clubs 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? 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. The coverage for Damage to Property of Others excludes property that is covered in Section I B. salespersons' samples, Marine Transportation Insurance covers: C. 60 An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. Commercial floaters cover: Retrieve copies of either the receipts or appraisals of each item. C. Coverage is not provided to a garage rented for private garage purposes B. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. How can government use taxes to reallocate the use of resources in the economy? B. negative state affect 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. B. D. Private structures owned by the insured at other locations. all of the following are special personal property limits under a homeowners policy EXCEPT: a. Each insurance company will value your personal property differently. Your insurance companys underwriting team will review and get back to you with the status of your request. Coverage C: Personal Property Both the cemetery plot and greenhouse are located at the residence premises. 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. Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? A. Dwellings under construction are covered for theft 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. 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? Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. A little later the grill explodes and damages Mac's home. The extent to which a person feels enthusiastic, active and alert is known as ________. C. Home schooling is permitted under a Homeowners Policy riot A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. Losses to dwellings and other structures are paid at replacement cost. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: 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. B. 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? What should their agent tell them? An insurer may not be sued unless the insured has fully complied with the terms of the homeowners policy and the suit is brought within how many years of the loss date? C. The dwelling on the insured premises, plus any structures that are attached to the dwelling D. Coverage D of a Homeowners Policy covers additional living expenses. D. provides named peril coverage. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Personal property coverage is designed to help protect your belongings. theft, Additional coverages found in all homeowners forms include, Debris removal 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. Tom and Ann have just bought a condominium for their residence. While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. Bridget reported the theft of her Rolex watch to her insurance company. C. Home schooling is covered under a Homeowners Policy A windstorm damages Tyrone and Belinda's garage and screened-in porch. trees, shrubs, plants C. all-risk D. The Damage to Property of Others duplicates coverage that is included in Section I. Chloe moved from a spacious home to a smaller condo unit and stored some of her furniture in an off-premises storage unit. B. actual cash value, The least likely method of payment for loss under a Floater is: Which of the following would not be included in the meaning of 'insured' in a homeowners policy? The preferred stockholders are also due to receive dividends in arrears for one year. Inherent vice Ocean marine floaters cover each of these EXCEPT: A scheduled personal property endorsement may be used to cover each of the following EXCEPT: Inland Marine covers each of the following EXCEPT: Molly has a Homeowners Policy with a $2,000 limit on theft of jewelry. 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. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. C. positive state affect Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property 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? Renters insurance can do more than help protect your property. 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. In addition, it provides personal liability coverage. Charles Munyi has over eight years of experience as a personal finance writer. What do you tell her? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. What is relocation diffusion in human geography? Mr. Conrad lives on the second floor of a duplex he bought. C. It covers injury to an employee, as well as attendees, arising out of day care operations sailboats Personal Effects, Inland Marine policy losses are usually calculated with which method of valuation: B. provides all-risk coverage. B. Dwellings under construction are covered for theft What is the difference in the weekly salaries of these two jobs? Damage to these items is not covered if caused by. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence How would a covered loss to their home be settled or adjusted? B. bridges owned by municipalities DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. Dave has a homeowners insurance policy. ), $74,850.0035,798.00\begin{array}{r r} fire dept service charge HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. B. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Question 54 of 63 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. A. Detached private structures on the residence premises What is it? 1 Scheduled personal property endorsement Crew of ships are covered by the? A Homeowners Policy will not cover theft of a boat away from premises Personal property on most policies include clothing, shoes, furniture,appliances, and other items. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ B. 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. 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. certificates A. inland marine Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Other named peril losses are covered up to the Coverage C limit. 30 Round to one decimal place. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. A model airplane "Homeowners Insurance Guide." In what type of home does Mrs. Zabinski live? On what basis was the loss settled? 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. B. covers private art works. 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. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? 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. 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. B. stamp and coin collections C. Contractor's Equipment Floater Under the HO-4 and HO-6, personal property is covered on which basis? The diamond fell out of its setting and was lost. B. imports and exports 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. Inherent Vice Note: We don't currently offer the ability to schedule property, but stay tuned! American Family Insurance. \end{array} The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. Two years ago, the insured bought the home for $58K. His insurance agent suggests that he add which endorsement to adequately cover his watch? B. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. D. Installation Floater, Tourist luggage is insured by which floater? Liability for loss to use of another's property $0 Damage caused intentionally by the insured's 10-year-old son Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. Which homeowners insurance form is appropriate for Marilyn and Dan? A. buildings 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. It provides Commercial General Liability coverage for the day care operation Learn more about how endorsements can affect your coverage. 70% of the replacement cost. Which of the following would not be eligible to purchase a Homeowners Policy? C. Medical payments will pay for a maximum of 1 year from the date of the accident Also known as. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. 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. 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. Money is covered up to $500 per occurrence - The limit on money is $200. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. $74,850.0035,798.00. Coverage does not apply to property damage covered under Section I of the policy. These duties include household and domestic services, such as those of a gardener or nanny. 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. 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. 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. furs and jewelry A. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. A. a stated value basis. 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. D) damage to the neighbor's clothing. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. D. loading docks and cattle shipped to market, All-risk policies cover: Which of the following is true regarding eligibility of a Homeowners Policy? 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. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. D. either basic or broad, Which Floater is written on a valued basis? B. Which of the following is not one of these duties? What is Scheduled Personal Property? C) It is covered for up to 10% of the coverage C limit. Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. One day the dog attacks a neighbor while she is working in her own yard. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? Which of the following is considered personal property not covered by the homeowners policy? The replacement value of the home is $450,000. Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy 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. All of the following definitions are true of a Homeowners Policy, except: An insured has a personal property replacement cost endorsement under her homeowners policy. 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. It offers "open perils" protection for your house and detached structures like garages, sheds, fences. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? $2,500 An insurer is not required to accept any property that an insured has Abandoned By purchasing a scheduled personal. Personal property is covered worldwide. | Allstate Personal property coverage is designed to help protect your belongings. Accessed Oct. 15, 2021. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. If her ring is stolen, the insurer will pay (given a $250 deductible)? An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Mac's homeowners policy pays for the damage to the home and grill. Caterpillar had no preferred stock outstanding. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. 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. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? Installment Sales Floater property removed, Section II provides coverage to third parties including, first aid provided by the insure D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: & \$74,850.00\\ D. Any person legally responsible for watercraft owned by an insured. furniture B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. How much did Molly's insurance company pay to the mortgagee? B. The homeowners policy contains which of the following types of insurance coverage? C. buildings

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