the scheduled personal property endorsement quizlet

C. The insured's tenant 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. D. loading docks and cattle shipped to market, All-risk policies cover: Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? lightning Derek's agent tells him. Your insurance companys underwriting team will review and get back to you with the status of your request. By purchasing a scheduled personal. - any other residents who are under 21 and in the care of any member of the insured's family George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. Personal Articles Floater, Inland Marine policies are called? A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. The amount specified for this ring in the schedule is $2,000. Members of the family under the age of 24 living at school away from the home The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. A. golf clubs non-owned vehicles $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 Today, it's replacement value is $60K. D. leased buildings, Each of the following is a Personal Floater EXCEPT: B. Exhibition floater It includes the Broad Form named perils on an actual cash value basis --- The HO-4 provides Broad Form named perils coverage on an actual cash value basis. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. C. An attached garage Coverage D of a Homeowners Policy includes loss of income from an incidental business Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? aircraft Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. Which statement is true concerning Section II of a Homeowners Policy? $$ Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? Accessed Oct. 15, 2021. Question 54 of 63 A) Coverage C--Personal property. Is personal property that is usually located in a secondary residence covered under Coverage C? C. insect damage B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. Commercial floaters cover: C. fine art A standard homeowners insurance policy covers your personal property up to a specific limit. All of the following are benefits provided by the Loss of Use coverage (Coverage D) in a homeowners policy EXCEPT: Janice and Bill ask their agent which homeowners insurance form she would recommend to meet their needs. D. provides named peril coverage. 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. Bart keeps a dog that is known in the neighborhood to be vicious. The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. D. jewelry, Inland Marine covers: Of the following statements concerning Homeowners policies, which is correct? One day the dog attacks a neighbor while she is working in her own yard. A. cattle shipped to market Which of the following is not covered if the insured has broad peril coverage? D. 90. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. D) Personal property replacement cost endorsement. is the worlds leading manufacturer of construction and mining equipment. B. mariners Kevin is looking for a job as a piano technician. What is the difference in the weekly salaries of these two jobs? Both the cemetery plot and greenhouse are located at the residence premises. How much did Molly's insurance company pay to the mortgagee? A typical homeowners policy does not cover. A. B. imports Note: We don't currently offer the ability to schedule property, but stay tuned! Also known as. 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? A standard homeowners policy typically includes coverage for: Homeowners policies typically pay a percentage of your dwelling coverage limit to repair or replace your clothes, furniture, and other personal property. A. Which of the following is considered personal property not covered by the homeowners policy? This basic homeowners insurance policy only covers losses caused by a peril named in the policy. B. Two years ago, the insured bought the home for $58K. 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. Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. 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. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? An insurance endorsement is a change to your insurance policy, such as an addition of coverage. 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? What is relocation diffusion in human geography? - does not cover a detached garage used for business, Under the special limits of liability section, the policy limits loss of theft of jewelry, watches, furs, and precious and semiprecious stones is $_____, The loss settlement provision of homeowners policies require that the insured carry a limit of insurance at least equal to, 80% of the full replacement cost of the dwelling. All of the following are eligible for coverage under a homeowners policy except, Are eligible for homeowners policy if the mobile home endorsement is attached. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. He keeps a considerable amount of cash and other valuables on him and around his home. According to Menger, what was the main concern of individuals in early trade situations? 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. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. }\\ C. It covers injury to an employee, as well as attendees, arising out of day care operations \begin{matrix} no, because there are more than 4 units in the dwelling. The Watercraft Liability endorsement provides which coverage? Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. Covered up to 10% if kept at a location other than the main residence, True or False D) Personal property replacement cost endorsement. `Lisa lost one of her emerald earrings. 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. Borrowed property meets the definition of contents Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. 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. 70% of the replacement cost. A. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? vandalism and malicious mischief Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. D. floaters, Each of the following is covered by Inland Marine EXCEPT: $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. Mac bought a new gas grill from a local department store. - all relatives of the named insured who live in the same household 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. This year, $500,000\$ 500,000$500,000 is to be distributed. Personal Articles Floater Some possessions covered by a scheduled personal property endorsement include jewelry, coin collections, postage stamps, furs, antiques, guns, fine arts, silverware, and other items whose value exceeds what your regular homeowners policy covers. A. \end{matrix} Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. B. actual cash value, The least likely method of payment for loss under a Floater is: Coverage C: Personal Property 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? replacement cost coverage is available by endorsement, for an additional premium. 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? Under the cancellation condition, the insurer can cancel for any reason with 10 days' written notice to the insured during, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. C. Damage to property owned by the insured C. Home schooling is permitted under a Homeowners Policy Personal Property Replacement Cost Loss Settlement. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence B. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. What endorsement do you recommend? 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 . C. Vermin Which statement is correct about these forms? All of the following are true, except: - &35,798.00\\ \hline B. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: $0 A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Scheduled personal property. A. fur coats A better solution. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit.

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