Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Also known as. C. buildings A. a warehouse An endorsement can settle personal property losses on a replacement cost basis. B. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. 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. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. An insurer is not required to accept any property that an insured has. A neighbor is injured while helping the insured install a carpet --- First Aid Expenses Coverage applies to first aid to others caused by Bodily Injury covered under the policy, but does not pay for first aid to an insured. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. 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. Accessed Oct. 15, 2021. Of the following statements concerning Homeowners policies, which is correct? D) Whatever it will reasonably cost. A Homeowners Policy will not cover theft of a boat away from premises B. Personal property coverage is designed to help protect your belongings. A. Another job he found has a weekly salary of $1,120. Of the following statements concerning Homeowners policies, which is correct? 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: Property in transit. 13 Q Which of the following is true regarding Section II of the Homeowners Policy? Section II covers the neighbor's medical expenses and property damage losses. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. 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. D. Contractor's Equipment Floater, Inland Marine will NOT cover: Personal Property Replacement Cost Loss Settlement. By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. replacement cost coverage is available by endorsement, for an additional premium. 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. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. Which of the following statements about coverage under the federal flood insurance . An employee whose duties are related to the maintenance of the residence premises, is defined as which of the following under Section II of the Homeowners Policy? reasonable repairs Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. An insured has how many days grace period to get most Floater items scheduled? Theft from a dwelling under construction prior to its occupancy Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. $$ 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: 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. A standard homeowners insurance policy covers personal items up to a specific dollar limit, beyond which an insurance company wont compensate you in the event of a loss. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. Coverage is provided to property of boarders not related to the insured B. a mobile home that is owner-occupied The different classes of property that are eligible for coverage . C. a leased warehouse 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. \begin{matrix} Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: B. gun collections C. Installation Floater includes: The Scheduled Personal Property Endorsement, HO 04 61, does not define fine arts, leaving the category open for anything that does not fall into the jewelry, furs, cameras, musical. Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. Tom and Ann have just bought a condominium for their residence. He keeps a considerable amount of cash and other valuables on him and around his home. A. certificates A complete list or inventory of your personal property and its total value will help you decide how much coverage is adequate and make filing claims easier. 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. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? On dry pavement, the standard deviation is 16 feet. The coverage limit for jewelry is $10,000 (no per-item limit) and is subject to the policy deductible (the amount you'll have to pay before insurance coverage kicks in). What Is Personal Property Coverage? B) cost to have the dog put to sleep. }\\ Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Which of the following is not an option available to Laura? B. pools 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. Inherent vice What endorsement do you recommend? \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 C. all-risk B. Dwellings under construction are covered for theft D. Damage to property owned by the insured's tenant. B. provides all-risk coverage. B. B. Marc and Nancy insure their home for $300,000 with a homeowners policy. Which of the following additional coverages is only included in certain homeowners forms? D. Breakage, Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamental Financial Accounting Concepts, Alvin A Arens, Mark A Beasley, Randal J Elder. A typical homeowners policy does not cover. B. 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. DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. 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. A. The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. 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 D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? B. Exhibition floater The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. Jack and Jill are vacationing at a golf resort when a thief enters their room and steals a laptop computer, golf clubs, cash, and clothing. B. basic Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? D. Installation Floater, Tourist luggage is insured by which floater? What Does Homeowners Insurance Cover and Not Cover? D) Personal property replacement cost endorsement. A. warehouses A. A floater can be used to insure each of the following except: When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. How was this claim paid? A. ACV Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. Joaquin wants both property and liability insurance in one policy. 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. Which of the following is not an Additional Coverage on the homeowners policy? Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. Which of the following is true regarding the HO-3 (Special Form)? B. They want to buy insurance to cover their personal property and protect them against liability claims from third parties. The assigning of the value of the insuredproperty will vary by the insurance provider. 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. A Special personal property. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. detached shed from which a tool repair business is operated. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. Both the cemetery plot and greenhouse are located at the residence premises. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? personal property of roomers or boarders is excluded under the homeowners policy. - all relatives of the named insured who live in the same household Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? Borrowed property meets the definition of contents Scheduled personal property may increase the coverage limits on expensive items such as jewelry, furs, art and antiques, stamps, coin collections, or other select collectibles. A. Dwellings under construction are covered for theft How much did Molly's insurance company pay to the mortgagee? As their agent, which homeowners coverage form should you offer them? Her jeweler will reproduce the lost earring for $10,000. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. A little later the grill explodes and damages Mac's home. 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. An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. 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. Costs the insured was already paying before incurring the loss are not covered. It includes various perils outside your typical dwelling coverage. ), $74,850.0035,798.00\begin{array}{r r} D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. A) Coverage C--Personal property. Under an HO-3 policy, what is the coinsurance requirement? What are the main advantages to the insured if the homeowners policy is a package policy? True or False? You also have up to $500 of coverage for unauthorized use of your credit cards. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. B. bridges owned by municipalities - 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. Structures that are set apart from the dwelling by a clear space All of the following statements about the federal flood insurance program are true EXCEPT. intended use C) It is covered for up to 10% of the coverage C limit. 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? What homeowners policy form would best suit the Tuttles' needs. But here are the steps you can take to get the right amount of scheduled personal property insurance: You may need to take a picture of your item on top of the appraisal or receipt if youre insuring jewelry. Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. Choose the true statement concerning Homeowners Policies. A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. What do you tell her? Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? Functional Replacement Value - Functional replacement cost is the cost to replace the damaged property with property that performs the same function, but is not like-kind or quality. A standard homeowners insurance policy covers your personal property up to a specific limit. Coverage D of a Homeowners Policy includes loss of income from an incidental business A. broad C) the neighbor's medical expenses. D . A Homeowners Policy will not cover theft of a boat away from premises Describe five common fees assessed on credit card accounts and how they can be avoided. 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. C. Home schooling is permitted under a Homeowners Policy \end{matrix} Which of the following homeowners policies covers tenants or renters? The endorsement provides replacement cost coverage on certain building items that are expressly excluded from the replacement cost coverage applicable to buildings: awnings, carpeting, household appliances, outdoor antennas, and outdoor equipment, in addition to replacement cost coverage on personal property.
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