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? Coverage is provided to property of boarders not related to the insured Advertisement To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. 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. 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. B. single family homes Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. Under Coverage C of a Homeowners Policy, all of the following losses are included, except: Property of a roomer, boarder or tenant --- Property of roomers, boarders, or tenants is not covered under the policy. Scheduled personal property endorsement. Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. Which type of liability limit applies to Medical Payments coverage? 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. Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. C. stated value Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. Question 54 of 63 B. Property in transit. Installment Sales Floater Marc and Nancy insure their home for $300,000 with a homeowners policy. B. Coverage A under the Homeowners Policy includes coverage for which of the following? Which of the following is not covered if the insured has broad peril coverage? B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? A. By purchasing the right insurance policy, you may be able to protect yourself from the financial costs of unforeseen losses, such as fire and natural disasters, frozen pipes, or even burglaries. 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. However, which type of property is covered? C. fine art The standard mortgage clause specifies the rights and duties of the mortgagee which include, Paying the premium if the insured fails to do so, The homeowners forms contain certain additional coverage. | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. 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. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? A. 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 note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. C. A hovercraft He keeps a considerable amount of cash and other valuables on him and around his home. $0 B. imports and exports Determine the number of times interest charges are earned for 2014 and 2013. Accessed Oct. 15, 2021. \end{matrix} Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. What are the implications of your statistical conclusions in terms of driving safety recommendations? D. commercial buildings. Caterpillar had no preferred stock outstanding. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence A. broad D. $1,000, Ocean Marine covers: Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. B. gun collections \begin{matrix} 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. B. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. C. all-risk 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. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. B. lawnmowers, Bodily injury to others The insurer can do this because losses to personal property are settled on what basis? D. Damage to property owned by the insured's tenant. How would a covered loss to their home be settled or adjusted? Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. replacement cost coverage is available by endorsement, for an additional premium. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ 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: D. loading docks and cattle shipped to market, All-risk policies cover: Record every valuable possession in your house and copy the serial numbers. Personal property on most policies include clothing, shoes, furniture,appliances, and other items. Sandra, Lynn, and Carole inherited their family home from Mrs. North. Other structures, which include items such as sheds, fences, and the mailbox. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. Theft of silverware is covered up to $2,500 C. Money is covered up to $500 per occurrence D. The Scheduled Personal Property Endorsement provides open perils coverage 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 D. Territorial Limits. C. exports Retrieve copies of either the receipts or appraisals of each item. Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. What homeowners form would be most appropriate for their insurance needs? Which statement is true concerning Section II of a Homeowners Policy? furniture Open perils coverage is available by Endorsement for scheduled items at an additional premium. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except A HO-3 policy provides coverage on which basis? Also known as. 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. 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 . Today, it's replacement value is $60K. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. The earthquake endorsement is attached to Paulina's homeowners policy. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. B. negative state affect D) Whatever it will reasonably cost. 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. Property such as electronics, firearms, business property, and watercraft may have limitations. A. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. 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. C. reservations For more jewelry. D. leased buildings, Each of the following is a Personal Floater EXCEPT: Coverage C: Personal Property Texas Department of Insurance. - &35,798.00\\ \hline 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? A standard homeowners insurance policy covers your personal property up to a specific limit. On a standard homeowners policy, coverage divides into categories including. 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. B. inherent vice 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? Tom and Ann have just bought a condominium for their residence. C) It is covered for up to 10% of the coverage C limit. B. an open perils (all-risk) basis. Her agent recommends a. What is relocation diffusion in human geography? Eloise installed an in-ground swimming pool in the back yard of her home. Coverage may be increased beyond the $2,500 additional coverage (10.) A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. non-owned vehicles A. domestic transportation shipments coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. B. provides all-risk coverage. A Fine Art Floater: Water damage Definition and If You Need It, Fire Insurance: Definition, Elements, How It Works, and Example, Rider: Definition, How Riders Work, Types, Cost, and Example, Personal Property: Definition, Examples, and Role in Insurance. D. Medical payments coverage is available for the insured and resident relatives. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. The coverage for Damage to Property of Others excludes property that is covered in Section I C. positive state affect C) No coverage is available. An insurance deductible doesnt apply to this coverage. fences Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. 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. theft, Additional coverages found in all homeowners forms include, Debris removal \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ A. golf clubs 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. A. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. B. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. Your clothing, appliances, furniture, and jewelry are all treated as personal property. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. C. is an unscheduled blanket policy. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. Which of the following is not one of these duties? Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises msc meraviglia march 2022, car accident stud road rowville today,