the scheduled personal property endorsement quizlet

A Personal Article Floater can cover: 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? 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. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. D) Whatever it will reasonably cost. They would not recover their loss in full because they were not insured to value. Describe the procedure and comment on its fairness. 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. Installment Sales Floater C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence C. Vermin What Is Personal Property Coverage? Debris removal What is the average rate at which the clerk sorts mail during the first 3 months on the job? Personal Property Replacement Cost Loss Settlement. How much did Molly's insurance company pay to the mortgagee? C. The insured's tenant The policy details the dollar amount for the standard coverage of various categories. What is Scheduled Personal Property? | Allstate occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured The police arrested the worker and returned the stolen property, including Laura's one emerald earring. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in 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. Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. Also known as scheduled personal property coverage, this is a way to raise the coverage limits of specific high-value items, such as valuable family heirlooms, that you own. A. 80% --- If Coverage A is less than 80% at the time of a loss to the dwelling, a penalty will be applied to the partial dwelling loss claim payment. Retrieve copies of either the receipts or appraisals of each item. Under what coverage part of her homeowners policy is the lumber insured? Property and Casualty Overall Test Flashcards | Chegg.com Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. Customer Bailee Floater A windstorm damages Tyrone and Belinda's garage and screened-in porch. 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? detached garages Scheduled personal property. It provides Commercial General Liability coverage for the day care operation (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. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. motorized wheelchairs B. gun collections A floater can be used to insure each of the following except: Accessed Oct. 15, 2021. P & C Licensing Exam Flashcards | Chegg.com 7 Q An insured's home is covered by a DP-3. If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. Other named peril losses are covered up to the Coverage C limit. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. B. Determine the number of times interest charges are earned for 2014 and 2013. An insurer has this option, because Bridget's homeowners policy has a repair or replace option, Derek insures his home on an HO 3 policy. A standard homeowners insurance policy covers your personal property up to a specific limit. D) Personal property replacement cost endorsement. all of the following are special personal property limits under a homeowners policy EXCEPT: a. What definition in the homeowners policy describes Beatrice's activities as a hairdresser? HO-3 Home Insurance Policy Breakdown | Homeowners Insurance Cover 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? C) It is covered for up to 10% of the coverage C limit. 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. 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. 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. What is covered by standard homeowners insurance? | III C. Fine art floater Which of the following Coverages is not found under Section I of the Homeowners Policy? A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. C. Installation Floater Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. A. golf clubs He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. no, because there are more than 4 units in the dwelling. $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. Another job he found has a weekly salary of $1,120. C. exports What is the amount of the dividend s in arrears? However, there are still a couple of issues to note when using a form such as the HO 04 61 (05 11)Scheduled Personal Property Endorsement. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. Throwing cargo into the sea to save a sinking ship is: aircraft B. A. Which of the following additional coverages is only included in certain homeowners forms? Eloise installed an in-ground swimming pool in the back yard of her home. Which statement is true concerning Section II of a Homeowners Policy? 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. Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. The homeowners policy contains which of the following types of insurance coverage? Policyholders receive a full copy of their policy, which usually runs at least 20 pages. . Your company has 120,000120,000120,000 shares of cumulative preferred stock that pays dividends at $30.25\$ 30.25$30.25 per share and 200,000200,000200,000 shares of common stock. A rare and expensive gun was stolen from it. Coverage A under the Homeowners Policy includes coverage for which of the following? 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. A. Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. A. ships' cargo 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. HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. Which of the following statements about coverage under the federal flood insurance . Fred and Sharon live in an older home whose replacement cost far exceeds its market value. Learn how coverage works. The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. A. broad Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. Under Section II of the Homeowners Policy, an employee whose duties are related to the maintenance or use of the residence premises, is defined as: A residence employee - 'Residence employee' means any employee of an insured, whose duties are related to the maintenance or use of the residence premises. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? A. a warehouse C. A hovercraft Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. trees, shrubs, plants $0 PERSONAL INLAND MARINE - The Rough Notes Company Inc. Members of the family under the age of 24 living at school away from the home B. bridges owned by municipalities Costs the insured was already paying before incurring the loss are not covered. Well not relieve the insure of its policy obligations C. buildings Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy A. Learn more about how endorsements can affect your coverage. Physicians and Surgeons Floater claim expenses Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? She wonders what the endorsement does. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. 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? 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. stated value The election process for the Academy Awards (for films) involves several stages and several different voting methods. What Coverage C special limit of liability applies to the loss? B. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. B. Dwellings under construction are covered for theft D. Damage to property owned by the insured's tenant. Other structures, which include items such as sheds, fences, and the mailbox. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. A Quick Guide on How to Insure Jewelry - Investopedia This modifies the basis of loss settlement from ACV to replacement value. STANDARD HOMEOWNERS ENDORSEMENTS - Insurance Coverage Law Center B. inherent vice Commercial floaters cover: Your insurance companys underwriting team will review and get back to you with the status of your request. An insured has a personal property replacement cost endorsement under her homeowners policy. 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. B. basic Under what section of her homeowners policy is the pool insured, if at all? D. Medical payments coverage is available for the insured and resident relatives. 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. Natalie offers to rent a room in her home to a local college student. 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. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. D. Installation Floater. 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. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. furniture \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. Which statement is correct? 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. 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.

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