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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? B. inherent vice A standard homeowners insurance policy covers your personal property up to a specific limit. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. A. Which of the following is not an option available to Laura? D. $1,000, Ocean Marine covers: The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. The policy details the dollar amount for the standard coverage of various categories. Personal Articles Floater D. jewelry, A dry cleaner delivering clothes to customers should get: B. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. 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. Describe five common fees assessed on credit card accounts and how they can be avoided. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? All of the following definitions are true of a Homeowners Policy, except: civil commotion Property such as electronics, firearms, business property, and watercraft may have limitations. is the worlds leading manufacturer of construction and mining equipment. 45 The earthquake endorsement is attached to Paulina's homeowners policy. Which of the following is true regarding the HO-3 (Special Form)? 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. for landlord . Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. non-owned vehicles D. floaters, Each of the following is covered by Inland Marine EXCEPT: 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. "Homeowners Insurance Guide." Her jeweler will reproduce the lost earring for $10,000. C. Payment under Damage to Property of Others is made regardless of negligence 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} B. Dwellings under construction are covered for theft 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. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. A. Learn more about how endorsements can affect your coverage. Which of the following is not one of these duties? subrogate the claim to seek recovery from the manufacturer. D. a townhouse that is owner-occupied, Loss arising out of acts the insured expects or intends is excluded under both Coverage ___ and Coverage ___, What is true regarding personal liability coverage, It is added by endorsement to the dwelling policy, but automatically included in the homeowners policy, Coverage E - Personal Liability provides coverage to the insured if, a claim is made or a sit is brought against the insured for damages because of bodily injury to property damage to others, Additional coverages for coverage A for trees, shrubs, plants, or lawns, loss caused by: B. Under what coverage part of her homeowners policy is the lumber insured? Property and Casualty Flashcards | Chegg.com Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. 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. 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. A. covers public art collections. Your insurance companys underwriting team will review and get back to you with the status of your request. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. C. insect damage 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. Retrieve copies of either the receipts or appraisals of each item. 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. B. All of the following statements is correct about a Homeowners Policy, except: What is Scheduled Personal Property? | Allstate How much money would she have to earn each year before it was considered a business activity under a homeowners policy? 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. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? Structures rented to someone who is not a tenant for use only as a private garage. A Homeowners Policy will not cover theft of a boat away from premises Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. Under the HO-4 and HO-6, personal property is covered on which basis? B. negative state affect Coverage A: Dwelling HO-3 Home Insurance Policy Breakdown | Homeowners Insurance Cover Michael and Tricia have spent much time and money to landscape their property. D. Any person legally responsible for watercraft owned by an insured. Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ Coverage may be increased beyond the $2,500 additional coverage (10.) Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. Learn about what is typically covered in a renters policy and additional coverages you may want to consider. Bridget reported the theft of her Rolex watch to her insurance company. B. A) damage to the neighbor's yard. Which would NOT purchase a bailee's floater? Mr. Conrad lives on the second floor of a duplex he bought. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: 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. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. One day the dog attacks a neighbor while she is working in her own yard. How Much Homeowners Insurance Coverage Do I Need? The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured What is the ppp-value? Which statement is true concerning Coverage D 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. $100 Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. What should their agent tell them? property removed, Section II provides coverage to third parties including, first aid provided by the insure Joaquin wants both property and liability insurance in one policy. Coverage is provided to property of boarders not related to the insured NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. B. B. mariners He keeps a considerable amount of cash and other valuables on him and around his home. An insured has how many days grace period to get most Floater items scheduled? Their homeowners policy imposes certain duties on them when a loss occurs. How does the homeowners policy limit coverage for these types of property? Chapter 5 - Homeowners Policy Flashcards | Quizlet Other named peril losses are covered up to the Coverage C limit. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. C. Borrowed property meets the definition of contents Open perils coverage is available by Endorsement for scheduled items at an additional premium. 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. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Which statement is correct about these forms? A floater can be used to insure each of the following except: \end{array} Money is covered up to $500 per occurrence - The limit on money is $200. D. Coverage is provided to property of boarders not related to the insured, Under Coverage A of the Homeowners Policy, all of the following are covered, except: D. Medical payments coverage is available for the insured and resident relatives. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? PERSONAL INLAND MARINE - The Rough Notes Company Inc. Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. "Personal Property Home Inventory." includes: All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? Liability coverages are set forth in Section II of the Policy. 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. It extends Section II coverages to the insured's home day care business CA Personal Lines Flashcards A model airplane She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. D) Personal property replacement cost endorsement. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Coverage D of a Homeowners Policy includes loss of income from an incidental business -- Coverage D does not cover loss of income from an incidental business. 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. The amount specified for this ring in the schedule is $2,000. A. Types of Homeowners Insurance (Policy Forms) | Credible An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. 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. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. $74,850.0035,798.00. $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. 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. A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. With actual cash value, loss is depreciated based on age and condition. C) the neighbor's medical expenses. He is concerned that his homeowners policy will not provide enough coverage. Unscheduled personal property refers to items that are covered by personal property coverage but have not been specifically itemized; these items are subject to the standard coverage limits. B. provides all-risk coverage. D) damage to the neighbor's clothing. D) Personal property replacement cost endorsement. True or False? Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Which of the following is true regarding Section II of the Homeowners Policy? Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. She wonders what the endorsement does. A. A typical homeowners policy does not cover. motorized wheelchairs riot C. Inherent Vice These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? `Lisa lost one of her emerald earrings. American Family Insurance. A. C. Medical payments will pay for a maximum of 1 year from the date of the accident B. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. A. A. affective events theory The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. For example,traditionalcoverage may cover the loss from a fire or theft. What Is Scheduled Personal Property? - The Balance (The home cannot contain more than 4 families), are also eligible for homeowners policy if the named insured is to be the occupant, Which of the following is the correct formula used to calculate ACV, Loss sustained while the injured party is on an insured location with any insured's permission is covered under, The insurance limit for coverage B-other structures is, 10% of Coverage A (Except for HO-4 and HO-6), All of the homeowners forms provide identical. People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. B) cost to have the dog put to sleep. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. fire Charles Munyi has over eight years of experience as a personal finance writer. 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. Chapter 8 Flashcards by Antonio Abarca | Brainscape A. replacement cost Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. 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. Which of the following is false in regard to the Home Day Care endorsement? Relatives of the named insured, meaning they are related by blood, marriage, or adoption The land on which the dwelling is located --- While vacant land is included in the definition of 'insured location,' for the purposes of liability coverage, no property coverage is provided for land under the Homeowners policy. What is it? Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. 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. A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. For more jewelry. 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. A rare and expensive gun was stolen from it. 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. An endorsement can settle personal property losses on a replacement cost basis. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? B) $500.00 The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. Homeowners Property Coverage Flashcards | Quizlet What does the representative tell them? storage shed. C. The insured's tenant Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Describe the procedure and comment on its fairness. Homeowners Policies Flashcards | Chegg.com A. a warehouse B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? D. leased buildings, Each of the following is a Personal Floater EXCEPT: Vandalism and malicious mischief losses are excluded under the Homeowners Policy: 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. 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? They would not recover their loss in full because they were not insured to value. Damage caused intentionally by the insured's 10-year-old son Two years ago, the insured bought the home for $58K. War Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? C. It covers injury to an employee, as well as attendees, arising out of day care operations The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. D. Coverage D of a Homeowners Policy covers additional living expenses. Another job he found has a weekly salary of $1,120. B. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? The pair of earrings cost $15,000 and was recently valued at $20,000. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. D. Camera floater, Which floater may be used to cover office equipment and furniture? Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . 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. What is Scheduled Personal Property? | Bankrate What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? Bicycle floater What definition in the homeowners policy describes Beatrice's activities as a hairdresser? Damage to Property of Others coverage is provided up to a specified limit regardless of negligence B. What is Farm Personal Property Insurance - amfam.com \end{matrix} The coverage for Damage to Property of Others excludes property that is covered in Section I A better solution. A) 5% of the Coverage A limit. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence -- Damage to Property of Others pays up to $1,000 regardless of whether the insured is liable or not. Definition. A. Laura's insurer paid $10,000 claim to reproduce the missing earring. What definition in his homeowners policy describes his home? Under an HO-2 policy with a coverage limit of $50,000 on the dwelling, what is the amount of personal property coverage that would be available? Losses to dwellings and other structures are paid at replacement cost. 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 Which of the following homeowners policies covers tenants or renters? Kevin is looking for a job as a piano technician. The election process for the Academy Awards (for films) involves several stages and several different voting methods. He has a homeowners policy and wonders if it covers the business equipment. If her ring is stolen, the insurer will pay (given a $250 deductible)? \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type B. A. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? D. Territorial Limits. What are the implications of your statistical conclusions in terms of driving safety recommendations? Chapter 4: Homeowners Flashcards | Quizlet These duties include household and domestic services, such as those of a gardener or nanny. C. exports If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. 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? $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. What do you tell her? People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. D. Installation Floater. 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. Which form is designed for the unit-owner of a condominium? 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.