Section II covers the neighbor's medical expenses and property damage losses. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. sailboats Which floater covers works of art sold by an art gallery on a consignment basis? What is the ppp-value? "Personal Property Home Inventory." Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. C. The insured's tenant Covered up to 10% if kept at a location other than the main residence, True or False Which statement is true concerning Coverage D of the Homeowners Policy? A. Which of the following homeowners policies covers tenants or renters? People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. Bridget reported the theft of her Rolex watch to her insurance company. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. 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? On dry pavement, the standard deviation is 16 feet. D. a good mood. B. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. Open perils coverage is available by Endorsement for scheduled items at an additional premium. B. fences What Does Homeowners Insurance Cover and Not Cover? Bart keeps a dog that is known in the neighborhood to be vicious. The insurance company says it will replace the watch instead of making a loss payment. B. Which of the following Coverages is not found under Section I of the Homeowners 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. C. Coverage is not provided to a garage rented for private garage purposes Other named peril losses are covered up to the Coverage C limit. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? Which of the following is not an option available to Laura? A Homeowners Policy will not cover theft of a boat away from premises Gabriella lives in a multi-unit dwelling. Which of the following is not covered if the insured has broad peril coverage? A standard homeowners insurance policy covers personal items up to a specific dollar limit, beyond which an insurance company won't compensate you in the event of a loss. Derek's agent tells him. 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. A. fur coats & \$74,850.00\\ B. actual cash value, The least likely method of payment for loss under a Floater is: What homeowners form would be most appropriate for their insurance needs? Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. Accessed Oct. 15, 2021. What do you tell her? $74,850.0035,798.00. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. B. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. 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. birthday gifts Animals, birds, fish B. Exhibition floater keep the $10,000 loss payment and the recovered property. The court orders that the animal be put to sleep. D. Coverage is not provided to a garage rented for private garage purposes. It includes various perils outside your typical dwelling coverage. The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? D. Private structures owned by the insured at other locations. How much money would she have to earn each year before it was considered a business activity under a homeowners policy? The pair of earrings cost $15,000 and was recently valued at $20,000. Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. Coverage does not apply to property damage covered under Section I of the policy. A scheduled personal property endorsement is an endorsement that allows certain property which might not be covered by a standard homeowners' insurance policy to be covered. How would a covered loss to their home be settled or adjusted? 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. The peril causing this loss is malicious mischief. fire Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. B. reasonable repairs D) Whatever it will reasonably cost. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. 70% of the replacement cost. B. Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. 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. Theft of silverware is covered up to $2,500 C. Money is covered up to $500 per occurrence D. The Scheduled Personal Property Endorsement provides open perils coverage The right of privacy was not acknowledged as a separate right until the 1960s. D. Installation Floater, Tourist luggage is insured by which floater? B. an open perils (all-risk) basis. A. a duplex that is owner-occupied A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. C. The dwelling on the insured premises, plus any structures that are attached to the dwelling Charles Munyi has over eight years of experience as a personal finance writer. Which of the following is true regarding eligibility of a Homeowners Policy? non-owned vehicles 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. Another job he found has a weekly salary of $1,120. B. imports and exports The diamond fell out of its setting and was lost. They ask their agent if there is sufficient coverage under their standard homeowners policy for these high value items, and, if not, what is the best way to insure them. replacement cost coverage is available by endorsement, for an additional premium. He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. Mr. Conrad lives on the second floor of a duplex he bought. Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. An insured has a personal property replacement cost endorsement under her homeowners policy. explosion A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. A. Personal property is covered worldwide. Get home insurance quotes for scheduled personal property coverage Compare rates Policyholders are not subject to a deductible on scheduled items. The replacement value of the home is $450,000. Renters insurance can do more than help protect your property. D . It extends Section II coverages to the insured's home day care business Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. 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. A. Detached private structures on the residence premises A. $26,250 ---- The Coverage B total is $25,000, and the policy allows for an additional 5% for debris removal: $25,000 + 5% or $1,250 = $26,250. 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. In what type of home does Mrs. Zabinski live? Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. storage shed. replacement cost coverage is available by endorsement, for an additional premium. What endorsement do you recommend? A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. Tom and Ann have just bought a condominium for their residence. C. Payment under Damage to Property of Others is made regardless of negligence A. buildings Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises Property such as electronics, firearms, business property, and watercraft may have limitations. The Tuttles own a late-19th century Victorian home. Sandra, Lynn, and Carole inherited their family home from Mrs. North. 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 the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type intended use 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. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. $0 A. D. Contractor's Equipment Floater, Inland Marine will NOT cover: theft, Additional coverages found in all homeowners forms include, Debris removal Other structures, which include items such as sheds, fences, and the mailbox. A model airplane A HO-3 policy provides coverage on which basis? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy What are the implications of your statistical conclusions in terms of driving safety recommendations? 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. This provides coverage for specific items of property that exceeds the internal limit on the policy, Loss settlement is based on the ____ ____ ____ up to the amount listed on the endorsement. A. D) damage to the neighbor's clothing. Losses to dwellings and other structures are paid at replacement cost. A rare and expensive gun was stolen from it. Describe five common fees assessed on credit card accounts and how they can be avoided. 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. A. inland marine 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. B) cost to have the dog put to sleep. the maximum amount of coverage that can be written on any single dwelling is $25,000. 30 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. C. exports Dave has a homeowners insurance policy. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. 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 Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. D) An insured, an agent, an insurer and a claim. Coverage B: Other Structures C. Vermin An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. A. Most Personal Articles Floaters are written on: The factors involved in location decisions include. On wet pavement, the standard deviation of stopping distances is 32 feet. B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. A. Broad perils coverage - These two Forms provide Broad Form Perils Coverage. D) Personal property replacement cost endorsement. Renters Insurance Coverage and Policies | Allstate Renters insurance can do more than help protect your property. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. 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. imports C. golf clubs Your clothing, appliances, furniture, and jewelry are all treated as personal property. Damage caused intentionally by the insured's 10-year-old son Mrs. Delaney hired a contractor to build a deck on the back of her house. B. 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. - any other residents who are under 21 and in the care of any member of the insured's family D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. 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? What definition in the homeowners policy describes Beatrice's activities as a hairdresser? aircraft 1,500 for jewelry; $2,500 for theft of firearms. A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. A. jewelry salesperson's sample case A. a stated value basis. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. Learn more about how endorsements can affect your coverage. Money is covered up to $500 per occurrence - The limit on money is $200. B. B. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises 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 Medical payments coverage is not available for a residence employee Which form is designed for the unit-owner of a condominium? \end{matrix} occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured 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. }\\ D. Damage to property owned by the insured's tenant. 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. He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. Property damage coverage included damage from insects, weathering, and wear and tear. Under the HO-8 policy, the dwelling is valued on which basis? Which statement is correct about these forms? Floater insurance is a type of insurance policy that covers personal property that is easily movable and provides additional coverage over what normal insurance policies do not. 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. 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. What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? furniture A standard homeowners insurance policy covers your personal property up to a specific limit. A. certificates Which of the following is true regarding an unendorsed HO-4 (tenants form)? D. Lumber in the insured's yard to be used to build a deck off the kitchen. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? What definition in his homeowners policy describes his home? B. C. Contractor's Equipment Floater \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ An endorsement can settle personal property losses on a replacement cost basis. $$ Your company has 120,000120,000120,000 shares of cumulative preferred stock that pays dividends at $30.25\$ 30.25$30.25 per share and 200,000200,000200,000 shares of common stock.