the scheduled personal property endorsement quizletwhat happened to mark reilly strong island
Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. The homeowners policy contains which of the following types of insurance coverage? She purchased the necessary lumber and it's piled in her back yard. Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. HO-3 Home Insurance Policy Breakdown | Homeowners Insurance Cover D. Coverage D of a Homeowners Policy covers additional living expenses. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Losses to dwellings and other structures are paid at replacement cost. Derek's agent tells him. Under what section of her homeowners policy is the pool insured, if at all? \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. A. birthday gifts 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. Costs the insured was already paying before incurring the loss are not covered. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? The scheduled personal property endorsement provides open peril coverage C. Theft of silverware is covered up to $2,500 D. Money is covered up to $500 per occurrence Money is covered up to $500 per occurrence The limit on money is $200. vandalism and malicious mischief C. 60 Customer Bailee Floater 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. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? keep the $10,000 loss payment and the recovered property. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. Eloise installed an in-ground swimming pool in the back yard of her home. fences C. Fine art floater B. On wet pavement, the standard deviation of stopping distances is 32 feet. 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. His insurance agent suggests that he add which endorsement to adequately cover his watch? C) the neighbor's medical expenses. Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. Does Homeowners Insurance Cover Damaged or Lost Jewelry? Which of the following is not an option available to Laura? 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. "Homeowners Insurance Guide." A. fur coats On what form is his policy written? Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. Accessed Oct. 15, 2021. A. What Coverage C special limit of liability applies to the loss? Personal property coverage is designed to help protect your belongings. A. buildings This year, $500,000\$ 500,000$500,000 is to be distributed. Which floater covers works of art sold by an art gallery on a consignment basis? 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. C. furs and jewelry For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Which of the following property is covered under the Homeowners Policy? 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. commercial buildings. Medical payments coverage is not available for a residence employee B. (Round to the nearest cent. A. replacement cost It extends Section II coverages to the insured's home day care business C. The insured's tenant 13 Q A Homeowners Policy will not cover theft of a boat away from premises C. Contractor's Equipment Floater DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. - all relatives of the named insured who live in the same household Texas Department of Insurance. Coverage does not apply to property damage covered under Section I of the policy. Which of the following is true regarding Section II of the Homeowners Policy? 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. $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. Record every valuable possession in your house and copy the serial numbers. As an example, your policy may state that it will cover a maximum of $1,500 for losses of watches, precious stones, and other jewelry. Mr. Conrad lives on the second floor of a duplex he bought. What Does Homeowners Insurance Cover? | The Zebra The court orders that the animal be put to sleep. \end{array} These duties include household and domestic services, such as those of a gardener or nanny. 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. Members of the family under the age of 24 living at school away from the home Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Which statement is correct? B. An insured has how many days grace period to get most Floater items scheduled? In addition, it provides personal liability coverage. 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. B. an open perils (all-risk) basis. Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. A. 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. He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. Structures that are set apart from the dwelling by a clear space A. The HO-5 personal property coverages are insured on which basis? Determine the number of times interest charges are earned for 2014 and 2013. Bicycle floater The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. 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. D. leased buildings, Each of the following is a Personal Floater EXCEPT: What definition in his homeowners policy describes his home? B. Dwellings under construction are covered for theft 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. ), $74,850.0035,798.00\begin{array}{r r} Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? A Fine Art Floater: They would not recover their loss in full because they were not insured to value. A. a duplex that is owner-occupied C. It covers injury to an employee, as well as attendees, arising out of day care operations Liability Coverages are set forth in Section II of the Policy. 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? Under a Homeowners policy, Coverage B is what percentage of Coverage A? C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises Describe five common fees assessed on credit card accounts and how they can be avoided. A. - any other residents who are under 21 and in the care of any member of the insured's family Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. \begin{matrix} What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? C. reservations damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type Some companies may even cover your personal property if damage occurs when you are away from home, but there may be a limit on the dollar amount of coverage. Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. 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. The pair of earrings cost $15,000 and was recently valued at $20,000. C. A hovercraft D) An insured, an agent, an insurer and a claim. Joaquin wants both property and liability insurance in one policy. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. With actual cash value, loss is depreciated based on age and condition. Scheduled personal property coverage is an endorsement you can add to your home insurance. Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. D. Coverage D of a Homeowners Policy covers additional living expenses. 150,000 to Carole and $75,000 each to Sandra and Lynn. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? 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. Take pictures of all items and receipts, and send them to your insurer. D. Any person legally responsible for watercraft owned by an insured. C) It is covered for up to 10% of the coverage C limit. B. Which of the following is true regarding the HO-3 (Special Form)? It may provide protection in the event of a covered loss, such as theft or fire. A. breakage You can add this endorsement to either a schedule or blanket farm personal property insurance plan to give you additional coverage from $5,000 to $100,000. 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. Of the following statements concerning Homeowners policies, which is correct? Installment Sales Floater Samuel has the 2011 edition of the ISO homeowners policy. The insurer can do this because losses to personal property are settled on what basis? Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. A) 5% of the Coverage A limit. What endorsement do you recommend? Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? What is his objection to actual cash value and what, if anything, can he do about it? B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. You tell her that by adding this endorsement the insurer agrees to pay the lowest of the following values, for most types of property insured on the endorsement, EXCEPT: Beatrice works from her home, on a part-time basis, as a hairdresser. Scheduled personal property endorsement Crew of ships are covered by the? Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. On a standard homeowners policy, coverage divides into categories including. B. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. A research hypothesis is that the variance of stopping distances of automobiles on wet pavement is substantially greater than the variance of stopping distances of automobiles ondry pavement. $0 A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. An insured has a personal property replacement cost endorsement under her homeowners policy. Which statement is true concerning Coverage D of the Homeowners Policy? D. Medical payments coverage is available for the insured and resident relatives. B) cost to have the dog put to sleep. Bridget reported the theft of her Rolex watch to her insurance company. C. Contractor's Equipment Floater 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. A Personal Articles Floater: 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 Although she is willing to accept the insurer's settlement offer for the ceiling, walls, and hardwood floors, she objects to the insurer taking into account depreciation of the furniture and clothing. Personal Property Replacement Cost Loss Settlement. Mac's homeowners policy pays for the damage to the home and grill. 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? The property section of the homeowners policy excludes coverage for certain types of property. 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. The right of privacy was not acknowledged as a separate right until the 1960s. Homeowners Insurance Flashcards | Quizlet 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. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item.
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