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4.3.3 Workers Compensation Premium Computation, PI: 3.5.1 & 3.5.2 Farm Insurance Coverage / L, PI: 3.6.1 National Flood Insurance Program (N, PI: 3.7.1 Regulation of Property Insurance, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. A. Dwellings under construction are covered for theft Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. C) No coverage is available. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results Describe the procedure and comment on its fairness. Kevin came home from work to find that his house had been vandalized. One day the dog attacks a neighbor while she is working in her own yard. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. B. A. Choose the false statement regarding the coverage of property under a Homeowners Policy. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. 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. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. D. jewelry, Inland Marine covers: While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. The definition also includes a person who performs similar duties elsewhere that are not related to any business of the insured, such as a person hired to paint the insured's house, as so long as the insured doesn't own a business that paints houses. The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. A) 5% of the Coverage A limit. A. Which statement is true concerning Section II of a Homeowners Policy? Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. 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? keep the $10,000 loss payment and the recovered property. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? Property damage of another caused by the insured, The comprehensive HO-5 policy is a _____ perils contract on personal property, structures on the premises set apart from the dwelling by a clear space, What is not covered by coverage B - other structures, - does not cover other structures rented to others for other than a use as a private garage All of the following are eligible for coverage under a homeowners policy except, Are eligible for homeowners policy if the mobile home endorsement is attached. Personal Articles Floater, Inland Marine policies are called? Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy After ttt months on the job, a postal clerk can sort Q(t)=700400e0.5tQ(t)=700-400 e^{-0.5 t}Q(t)=700400e0.5t letters per hour. A. covers public art collections. However, there are limits for the coveragevalue for eachitem. fire dept service charge Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? 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. | Allstate Personal property coverage is designed to help protect your belongings. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. An insured has a personal property replacement cost endorsement under her homeowners policy. D. The Damage to Property of Others duplicates coverage that is included in Section I. A. warehouses Physicians and Surgeons Floater All of the following statements about the federal flood insurance program are true EXCEPT. Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. Scheduled personal property. B) $500.00 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? Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? 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? non-owned vehicles Although Laura thought she had lost her emerald earring, the pair was stolen by a temporary worker who accidentally left one of the earrings behind. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. A windstorm damages Tyrone and Belinda's garage and screened-in porch. Which of the following is not one of these duties? Under what section of her homeowners policy is the pool insured, if at all? The extent to which a person feels enthusiastic, active and alert is known as ________. personal property of roomers or boarders is excluded under the homeowners policy. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. Which endorsement would have provided a better loss settlement? A. Accessed Oct. 15, 2021. They believed that they did not get enough for this property because the settlement was based on actual cash value. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. D. floaters, Each of the following is covered by Inland Marine EXCEPT: A. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. 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). Coverage D of a Homeowners Policy includes loss of income from an incidental business The dwelling on the residence premises Throwing cargo into the sea to save a sinking ship is: DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. Scheduled personal property coverage is an endorsement you can add to your home insurance. An insured has how many days grace period to get most Floater items scheduled? On what form is his policy written? C) the neighbor's medical expenses. 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. Which of the following additional coverages is only included in certain homeowners forms? D) Personal property replacement cost endorsement. 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. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except A. jewelry salesperson's sample case American Family Insurance. D. jewelry, A dry cleaner delivering clothes to customers should get: How can government use taxes to reallocate the use of resources in the economy? Under what coverage part of her homeowners policy is the lumber insured? Power failure, A dwelling policy covers all types of personal properties listed except B. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: D. Coverage F limits are subject to a deductible. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. The personal injury endorsement can be added to a homeowners policy to protect the insured from injuries to others caused by, What damage is specifically excluded under the personal property coverage in the HO-3 special form, Additional coverages in the homeowners policy, Fire department service charge Personal property coverage is designed to help protect your belongings. Most Personal Articles Floaters are written on: Which type of liability limit applies to Medical Payments coverage? Cater pillar I nc. A. golf clubs Which of the following is not an option available to Laura? An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. The policy states that the insurance company will provide defense for the insured at the insurer's expense, even when the insured is not at fault. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. Which of the following is considered personal property not covered by the homeowners policy? A. a stated value basis. $$, 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. D. Property damage -- Physical injury to tangible property, but does not include loss of use of that property, Property damage -- Physical injury to tangible property, but does not include loss of use of that property. Physicians and Surgeons Floater 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. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence Which of the following would not be included in the meaning of 'insured' in a homeowners policy? B. Today, it's replacement value is $60K. If her ring is stolen, the insurer will pay (given a $250 deductible)? 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. B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. A. A. They want to buy insurance to cover their personal property and protect them against liability claims from third parties. B. a mobile home that is owner-occupied What does the representative tell them? detached shed from which a tool repair business is operated. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. C) It is covered for up to 10% of the coverage C limit. D. A speaker system installed in the insured's car. (Round to the nearest cent. A. covers inherent vice. - &35,798.00\\ \hline Debris removal It extends Section II coverages to the insured's home day care business Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. C. Contractor's Equipment Floater Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage. How Much Homeowners Insurance Coverage Do I Need? A. barratry 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) An insured, an agent, an insurer and a claim. Scheduled personal property endorsement. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. A. The assigning of the value of the insuredproperty will vary by the insurance provider. What are the implications of your statistical conclusions in terms of driving safety recommendations? $100 D. Private structures owned by the insured at other locations. Landlord's Furnishings (Forms HO 00 02, HO 00 03, and HO 00 05 Only) This endorsement was introduced in 2000. In addition, Birinyi Associates identified Caterpillar as one of the top five companies to repurchase their own shares in a recent year.12 Three recent years of earnings and average common shares outstanding data for Caterpillar are as follows (in millions): Year3Year2Year1Netincome$3,695$3,789$5,681Averagenumberofcommonsharesoutstanding617.2645.2652.6\begin{array}{lrrr} The factors involved in location decisions include. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? $1,500 for trailers not used with watercraft b. The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not, The permitted incidental occupancy endorsement, Deletes exclusions in the policy pertaining to a business conducted on the resident premises `Lisa lost one of her emerald earrings. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? 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. Wisconsin Office of the Commissioner of Insurance. D. loading docks and cattle shipped to market, All-risk policies cover: A floater can be used to insure each of the following except: Which of the following is true regarding an unendorsed HO-4 (tenants form)? Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. Which of the following would not be eligible to purchase a Homeowners Policy? Which of the following is not covered if the insured has broad peril coverage? sailboats C. $250 What do you tell her? D. a good mood. The insurance company says it will replace the watch instead of making a loss payment. D. Installation Floater. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. Personal property is covered worldwide. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. In some situations, property owned by others may also be covered under a standard policy. What is relocation diffusion in human geography? After cooking dinner, he turns off the gas to the grill. What Coverage C special limit of liability applies to the loss? Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Caterpillar had no preferred stock outstanding. 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. all of the following are special personal property limits under a homeowners policy EXCEPT: a. D. Medical payments coverage is available for the insured and resident relatives. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. Her agent recommends a. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? 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 cause is determined to be a defect in the grill. 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. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. Which of the following Coverages is not found under Section I of the Homeowners Policy? Complete the table to find the single deposit investment amounts. 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. Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. 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. C. Medical payments will pay for a maximum of 1 year from the date of the accident