D. provides named peril coverage. The factors involved in location decisions include. 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? Record every valuable possession in your house and copy the serial numbers. 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. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? 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. The peril causing this loss is malicious mischief. Coverage A under the Homeowners Policy includes coverage for which of the following? D. floaters, Each of the following is covered by Inland Marine EXCEPT: fire 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? A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. claim expenses 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 typical homeowners policy does not cover. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. 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. 90. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement D. Section I limits coverage on utility trailers up to $500 The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Unscheduled Personal Property Coverage Covered up to 10% if kept at a location other than the main residence True or False The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not True The permitted incidental occupancy endorsement Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? Derek's agent tells him. Section II covers the neighbor's medical expenses and property damage losses. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. Coverage A: Dwelling - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building.
Home Replacement Cost vs Actual Cash Value | Allstate A. Detached private structures on the residence premises Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. \begin{matrix} }\\ Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? Money is covered up to $500 per occurrence - The limit on money is $200.
CA Personal Lines Flashcards A. ships' cargo Covers people who conduct business at home and have a person injured on their property, The HO-3 provides _____ peril coverage on dwelling and _____ peril coverage on personal property, Standard exclusions in the homeowners forms, Earth movement
Insurance coverage options for fine arts | PropertyCasualty360 D. Installation Floater.
Homeowners' Endorsements- the Details Make the Difference How was this claim paid? 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. Replacement cost, A person who owns jewelry worth over $50,000 should get a: B. What homeowners policy form would best suit the Tuttles' needs. D) damage to the neighbor's clothing. Retrieve copies of either the receipts or appraisals of each item. Mac bought a new gas grill from a local department store. For instance, if you insure your home for $120,000 and your policy covers your personal property at 10%, your personal items will be insured for up to $12,000. What are the main advantages to the insured if the homeowners policy is a package policy? In some situations, property owned by others may also be covered under a standard policy. Personal property is a class of property that can include any type of asset other than real estate. D. Coverage D of a Homeowners Policy covers additional living expenses. 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. Coverage C: Personal Property - all relatives of the named insured who live in the same household Both the cemetery plot and greenhouse are located at the residence premises. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible.
Chapter 5 - Homeowners Policy Flashcards | Quizlet Under the holdback requirement of a homeowners policy, the insurer must pay only the actual cash value of the loss until the actual repair or replacement is completed, subject to one exception. detached shed from which a tool repair business is operated. 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. negative state affect B. Dwellings under construction are covered for theft
What Does Homeowners Insurance Cover? | The Zebra 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. For example, a CSR could use one of the following endorsements to provide coverage for an insured's expensive jewelry: Scheduled Personal Property Endorsement (HO 04 61 05 11) or Scheduled Personal Property Endorsement (With Agreed Value Loss Settlement) (HO 04 60 05 11). 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. 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. An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. How much money would she have to earn each year before it was considered a business activity under a homeowners policy? The amount specified for this ring in the schedule is $2,000. B. Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. The replacement value of the home is $450,000. C) It is covered for up to 10% of the coverage C limit. Including debris removal, what is the maximum an HO-3 policy with a Coverage A amount of $250,000 will pay If a detached garage burns down? fences Under the HO-4 and HO-6, personal property is covered on which basis? B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge.
Property & Casualty Flashcards by Elizabeth Brandt | Brainscape The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. This modifies the basis of loss settlement from ACV to replacement value. The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. 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. Bicycle floater 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 dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. Which of the following is not covered if the insured has broad peril coverage? D . How much did Molly's insurance company pay to the mortgagee? Chapter 13 - Businessowners Coverage Form, Chapter 12 - Miscellaneous Commercial Policies, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. B. jettison, Floaters provide which type of coverage: D. jewelry, A dry cleaner delivering clothes to customers should get: Which statement is true concerning Section II of a Homeowners Policy? She purchased the necessary lumber and it's piled in her back yard. 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. Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. What endorsement do you recommend? A Fine Art Floater: Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. Michael and Tricia have spent much time and money to landscape their property. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except Liability - Section I of the Homeowners Policy contains the Property Coverages. A. broad 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. All of the following are true, except: Today, it's replacement value is $60K. all of the following are special personal property limits under a homeowners policy EXCEPT: a. Which of the following property is covered under the Homeowners Policy? detached garages Another job he found has a weekly salary of $1,120. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. 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. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? C. The dwelling on the insured premises, plus any structures that are attached to the dwelling C. stated value
Renters Insurance Coverage and Policies | Allstate Complete the table to find the single deposit investment amounts.
STANDARD HOMEOWNERS ENDORSEMENTS - Insurance Coverage Law Center It includes various perils outside your typical dwelling coverage. An insured has how many days grace period to get most Floater items scheduled? furniture It extends Section II coverages to the insured's home day care business C. Vermin Liability Coverages are set forth in Section II of the Policy. Scheduled personal property coverage is an endorsement you can add to your home insurance. Borrowed property meets the definition of contents People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Round to the nearest dollar. Which of the following statements about coverage under the federal flood insurance . Under the HO-8 policy, the dwelling is valued on which basis? Property such as electronics, firearms, business property, and watercraft may have limitations.
Why You Should Consider Scheduled Personal Property Coverage However, which type of property is covered? Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. A model airplane The insurance company says it will replace the watch instead of making a loss payment. 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. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. 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? Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. B. A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. Her agent recommends a.
Homeowners Property Coverage Flashcards | Quizlet Exam 5 Flashcards | Chegg.com The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. 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. Under an HO-3 policy, what is the coinsurance requirement? reasonable repairs Open perils coverage is available by Endorsement for scheduled items at an additional premium. D. a good mood. Wisconsin Office of the Commissioner of Insurance.
P & C Licensing Exam Flashcards | Chegg.com She wonders what the endorsement does. In addition, it provides personal liability coverage. One classified ad lists a job that pays 64.6K. 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. B. Coverage is provided to property of boarders not related to the insured Scheduled personal property. Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. B. Personal property coverage is designed to help protect your belongings. A. jewelry salesperson's sample case What endorsements allows an insured to purchase coverage in excess of the special limits of liability contained in the homeowners policy for certain items of personal property'such as jewelry, fine arts, and musical instruments'and also broadens coverage? C. exports
Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape