Kevin is looking for a job as a piano technician. D. commercial buildings. Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. Which statement is false? replacement cost coverage is available by endorsement, for an additional premium. B. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. C) Scheduled personal property endorsement. A. D. loading docks and cattle shipped to market, All-risk policies cover: A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. all of the following are special personal property limits under a homeowners policy EXCEPT: a. C. Installation Floater A. breakage What are the implications of your statistical conclusions in terms of driving safety recommendations? Covered up to 10% if kept at a location other than the main residence, True or False Definition. Which homeowners insurance form is appropriate for Marilyn and Dan? A. a stated value basis. riot On what form is his policy written? Mac bought a new gas grill from a local department store. Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. B. A. 70% of the replacement cost. C) Scheduled personal property endorsement. detached garages A. broad \begin{matrix} All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. B. This modifies the basis of loss settlement from ACV to replacement value. In an HO 3 policy, the definition of 'motor vehicle' includes automobiles and all of the following EXCEPT: All of the shrubbery and plants on Tippi's front lawn were destroyed by a windstorm. Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. A HO-3 policy provides coverage on which basis? A Personal Articles Floater: B. imports and exports Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy The different classes of property that are eligible for coverage . Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: D) Personal property replacement cost endorsement. A. Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. B) cost to have the dog put to sleep. Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. 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. 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. D. Installation Floater. A. D. Camera floater, Which floater may be used to cover office equipment and furniture? Coverage F: Medical Expenses, Example that is covered under Coverage A: dwelling, Example that is covered under Coverage D: loss of use, The loss of income from the boarder in a house having to be moved, Example that is covered under additional coverages. 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. 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. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? Scheduled personal property endorsement Crew of ships are covered by the? Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence Which of the following would not be an insured under Section II of the Homeowners Policy? C. Borrowed property meets the definition of contents Which of the following statements about coverage under the federal flood insurance . 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. They believed that they did not get enough for this property because the settlement was based on actual cash value. D . These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. The earthquake endorsement is attached to Paulina's homeowners policy. C. a home under construction that the owner intends to occupy 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 may increase the coverage limits on expensive items such as jewelry, furs, art and antiques, stamps, coin collections, or other select collectibles. Under a Homeowners policy, Coverage B is what percentage of Coverage A? \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ Which statement is true concerning Section II of a Homeowners Policy? \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. Get home insurance quotes for scheduled personal property coverage Compare rates Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. 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. Chloe moved from a spacious home to a smaller condo unit and stored some of her furniture in an off-premises storage unit. He keeps a considerable amount of cash and other valuables on him and around his home. no, because there are more than 4 units in the dwelling. B. Open perils coverage on the dwelling and broad form coverage on the personal property ---- The H0-3 provides open perils coverage on the dwelling, and Named Broad Form perils coverage on the personal property. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? Scheduled personal propertyalso called an endorsement, floater or rideris an optional coverage to your homeowners insurance policy (or a renters or condo policy) that provides more. Describe five common fees assessed on credit card accounts and how they can be avoided. Sandra, Lynn, and Carole inherited their family home from Mrs. North. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. 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. 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. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Each insurance company will value your personal property differently. What definition in the homeowners policy describes Beatrice's activities as a hairdresser? 13 Q She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. C. Home schooling is covered under a Homeowners Policy Wisconsin Office of the Commissioner of Insurance. Under the HO-4 and HO-6, personal property is covered on which basis? Fair market value Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. It offers "open perils" protection for your house and detached structures like garages, sheds, fences. One classified ad lists a job that pays 64.6K. A. unendorsed HO policy, there's not enough premium to handle the multitude of events that can cause a substantial loss of value to collectible stamps and coins. C. Medical payments will pay for a maximum of 1 year from the date of the accident Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage A Homeowners Policy will not cover theft of a boat away from premises B. actual cash value, The least likely method of payment for loss under a Floater is: A. Detached private structures on the residence premises 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: Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. Coverage B: Other Structures 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. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. D. jewelry, A dry cleaner delivering clothes to customers should get: 1,500 for jewelry; $2,500 for theft of firearms. D. Private structures owned by the insured at other locations. 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. B. Theft from a dwelling under construction prior to its occupancy 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. B. inherent vice D. It covers injury to attendees while loading or unloading them from draft or saddle animals. What homeowners policy form would best suit the Tuttles' needs. For more jewelry. True or False? Structures rented to someone who is not a tenant for use only as a private garage. Medical payments coverage is not available for a residence employee The HO 2 insures all property on a named perils basis while the HO 3 insures real property on an open perils basis and personal property on a named perils basis. A. covers inherent vice. Scheduled personal property. Property such as electronics, firearms, business property, and watercraft may have limitations. 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. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. Well not relieve the insure of its policy obligations A) Coverage C--Personal property. Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. A. commercial buildings Which of the following is true regarding Section II of the Homeowners Policy? Two years ago, the insured bought the home for $58K. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: D. Installation Floater, Tourist luggage is insured by which floater? All of the following statements is correct about a Homeowners Policy, except: Each of these payouts would be subject to a deductible. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. Personal Property Replacement Cost Loss Settlement. She purchased the necessary lumber and it's piled in her back yard. A rare and expensive gun was stolen from it. By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. Which statement is true concerning Coverage D of the Homeowners Policy? This year, $500,000\$ 500,000$500,000 is to be distributed. At a .05 level of significance, do the sample data justify the conclusion that the variance in stopping distances on wet pavement is greater than the variance in stopping distances on dry pavement? D. jewelry, Inland Marine covers: The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. C) The criminal, the crime, a police officer and a court of law. 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? 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. Coverage D of a Homeowners Policy includes loss of income from an incidental business Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. Relatives of the named insured, meaning they are related by blood, marriage, or adoption Animals, birds, fish Unscheduled personal property refers to items that are covered by personal property coverage but have not been specifically itemized; these items are subject to the standard coverage limits. The extent to which a person feels enthusiastic, active and alert is known as ________. C. Contractor's Equipment Floater 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. Learn about several types of riders that may be available on a home insurance policy. $2,500 for theft of firearms c. $500 for business personal property on the insured premises d. $1,500 for securities, accounts, deeds, and evidences of debt c. $500 for business property Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Money is covered up to $500 per occurrence - The limit on money is $200. George just returned from Europe with a beautiful Swiss watch valued at $10,000. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. A. barratry personal property of roomers or boarders is excluded under the homeowners policy. Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. A. $$, What is covered under Coverage C - Personal Property, Personal property of the insured located anywhere in world, HO-2 policy provides an additional ____% of the amount coverage on the dwelling for loss of personal property, but only ___% of the personal property limit can be applied to property not located at the insured's primary residence, What homeowners endorsement is used to insure high-value items of personal property. A) damage to the neighbor's yard. The replacement value of the home is $450,000. A. ships' cargo B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results 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? What is the average rate at which the clerk sorts mail during the first 3 months on the job? An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. D. A speaker system installed in the insured's car. A Fine Art Floater: 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. The Home Day Care endorsement does not provide which of the following? $2,500 An insurer is not required to accept any property that an insured has Abandoned B. mariners 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. C. Inherent Vice An insured has how many days grace period to get most Floater items scheduled? Borrowed property meets the definition of contents Bart keeps a dog that is known in the neighborhood to be vicious. How much money would she have to earn each year before it was considered a business activity under a homeowners policy? 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. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? A Personal Article Floater can cover: The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. A. replacement cost D. Coverage D of a Homeowners Policy covers additional living expenses.