What homeowners form would be most appropriate for their insurance needs? Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. A. birthday gifts 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. They want to buy insurance to cover their personal property and protect them against liability claims from third parties. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? A. a duplex that is owner-occupied A. B. imports and exports This modifies the basis of loss settlement from ACV to replacement value. 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. The extent to which a person feels enthusiastic, active and alert is known as ________. A. covers public art collections. | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. 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. furniture Mac bought a new gas grill from a local department store. American Family Insurance. $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. C. An attached garage What is his objection to actual cash value and what, if anything, can he do about it? 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? An insured has a personal property replacement cost endorsement under her homeowners policy. The different classes of property that are eligible for coverage . B. gun collections What Coverage C special limit of liability applies to the loss? D. Contractor's Equipment Floater, Inland Marine will NOT cover: A. a stated value basis. A. cattle shipped to market A model airplane Liability - Section I of the Homeowners Policy contains the Property Coverages. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? A. Medical payments coverage is not available for a residence employee On wet pavement, the standard deviation of stopping distances is 32 feet. The amount specified for this ring in the schedule is $2,000. What is Scheduled Personal Property? A. 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. The insurance company says it will replace the watch instead of making a loss payment. He has a homeowners policy and wonders if it covers the business equipment. Each insurance company will value your personal property differently. Which of the following Coverages is not found under Section I of the Homeowners Policy? Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? Which of the following would not be eligible to purchase a Homeowners Policy? 70% of the replacement cost. 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. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. For more jewelry. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? A. Samuel has the 2011 edition of the ISO homeowners policy. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? 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. ACV 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). Damage to these items is not covered if caused by. Learn about several types of riders that may be available on a home insurance policy. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. A. Scheduled personal property coverage is an endorsement that you can add to your home insurance policy to raise coverage limits for high-value items to ensure all of your belongings are fully protected no matter how or where they're damaged. B. covers private art works. B. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? D. Camera floater, Which floater may be used to cover office equipment and furniture? Which statement is true concerning Section II of a Homeowners Policy? Texas Department of Insurance. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. Personal property coverage is designed to help protect your belongings. 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 Damage to Property of Others duplicates coverage that is included in Section I ---- The Damage to Property of Others Additional Coverage supplements the Property Damage Liability Coverage by providing limited Coverage for damage, caused by the insured, regardless of negligence. "Scheduled Personal Articles Insurance Coverage." Covered up to 10% if kept at a location other than the main residence, True or False What endorsement do you recommend? C. Installation Floater An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. Open perils coverage is available by Endorsement for scheduled items at an additional premium. Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. A) Coverage C--Personal property. Open perils -- The HO-5 is the broadest policy providing open perils coverage on Coverages A, B, and C. Which person is not a covered resident under the Homeowners Policy? An insurance deductible doesnt apply to this coverage. B. Insects Which of the standard homeowners policies includes malicious mischief as a named peril? C. Inherent Vice Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? George just returned from Europe with a beautiful Swiss watch valued at $10,000. 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? fences This basic homeowners insurance policy only covers losses caused by a peril named in the policy. 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. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. Section II is the same in all Homeowners Forms - Since the liability exposures of individuals and families have little to do with their mode of residence, Section II is the same in all Homeowners Policy forms. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured 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. Policyholders are not subject to a deductible on scheduled items. 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? 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. D) Personal property replacement cost endorsement. Which homeowners insurance form is appropriate for Marilyn and Dan? Insurer investigation expenses are in addition to the limits stated in Coverage E - 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. 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. Mr. Conrad lives on the second floor of a duplex he bought. ), $74,850.0035,798.00\begin{array}{r r} D. jewelry, A dry cleaner delivering clothes to customers should get: `Lisa lost one of her emerald earrings. - &35,798.00\\ \hline Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? In order to be covered by a scheduled personal property endorsement, the policyholder's personal property must be listed in the schedule, or list, for coverage. B. A little later the grill explodes and damages Mac's home. 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. A. broad A typical homeowners policy does not cover. Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. includes: Money is covered up to $500 per occurrence - The limit on money is $200. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. A HO-3 policy provides coverage on which basis? the maximum amount of coverage that can be written on any single dwelling is $25,000. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Costs the insured was already paying before incurring the loss are not covered. A) Special limits of liability. Physicians and Surgeons Floater What is the amount of the dividend s in arrears? Commercial floaters cover: Retrieve copies of either the receipts or appraisals of each item. 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. 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. Choose the true statement concerning Homeowners Policies. D. loading docks and cattle shipped to market, All-risk policies cover: Scheduled Vs. Unscheduled Personal Property Coverage | Grange Insurance Association Grange Insurance Association's (GIA) Annual Policyholder Meeting will be held on Monday, March 20, at 10:00 a.m. Their homeowners policy imposes certain duties on them when a loss occurs. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. Which statement is true concerning Section II of a Homeowners Policy? Caterpillar had no preferred stock outstanding. B. bridges owned by municipalities Take pictures of all items and receipts, and send them to your insurer. B. jettison, Floaters provide which type of coverage: no, because there are more than 4 units in the dwelling. Is personal property that is usually located in a secondary residence covered under Coverage C? Derek's agent tells him. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. B. inherent vice Round to one decimal place. property removed, Section II provides coverage to third parties including, first aid provided by the insure Power failure, A dwelling policy covers all types of personal properties listed except 7 Q An insured's home is covered by a DP-3. Borrowed property meets the definition of contents The factors involved in location decisions include. 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. D. A speaker system installed in the insured's car. | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. D. $1,000, Ocean Marine covers: A. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. Mac's homeowners policy pays for the damage to the home and grill. for landlord . & \$74,850.00\\ A. 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? A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. Bridget reported the theft of her Rolex watch to her insurance company. Accessed Oct. 15, 2021. A rare and expensive gun was stolen from it. Collapse (Is included in HO-2, 3, 4, 5, and 6, Which of the following coverages applies to personal property owned or used by an insured and is included in all homeowners policies. A. breakage What does the representative tell them? Which of the following is not one of these duties? B) cost to have the dog put to sleep. B. Dwellings under construction are covered for theft The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. D . The standard mortgage clause specifies the rights and duties of the mortgagee which include, Paying the premium if the insured fails to do so, The homeowners forms contain certain additional coverage. $100 Throwing cargo into the sea to save a sinking ship is: A show dog Which of the following statements about coverage under the federal flood insurance . Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. A. A. barratry 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. C. a leased warehouse 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. Note: We don't currently offer the ability to schedule property, but stay tuned! Structures that are set apart from the dwelling by a clear space Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. Which statement is true concerning Coverage D of the Homeowners Policy? Laura's insurer paid $10,000 claim to reproduce the missing earring. Record every valuable possession in your house and copy the serial numbers. Well not relieve the insure of its policy obligations C. Damage to property owned by the insured 150,000 to Carole and $75,000 each to Sandra and Lynn. To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. What Does Homeowners Insurance Cover and Not Cover? 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. B. Damage caused intentionally by the insured's 10-year-old son You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Accessed Oct. 15, 2021. B. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. 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. Installment Sales Floater A) 5% of the Coverage A limit. How big are the banks excess reserves? What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? $2,500 An insurer is not required to accept any property that an insured has Abandoned Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. $1,500 for trailers not used with watercraft b. 1,500 for jewelry; $2,500 for theft of firearms. non-owned vehicles \end{matrix} 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.
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