the scheduled personal property endorsement quizlet the scheduled personal property endorsement quizlet

Relatives of the named insured, meaning they are related by blood, marriage, or adoption Which of the following property is covered under the Homeowners Policy? How much money would she have to earn each year before it was considered a business activity under a homeowners policy? As their agent, which homeowners coverage form should you offer them? A show dog What endorsement do you recommend? civil commotion claim expenses On what form is his policy written? An insurer is not required to accept any property that an insured has. Which floater covers works of art sold by an art gallery on a consignment basis? The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence D. leased buildings, Each of the following is a Personal Floater EXCEPT: D. provides named peril coverage. 1 B. negative state affect According to Menger, what was the main concern of individuals in early trade situations? Property damage coverage included damage from insects, weathering, and wear and tear. Under what section of her homeowners policy is the pool insured, if at all? Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. 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. Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. D . Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. Jack and Jill are vacationing at a golf resort when a thief enters their room and steals a laptop computer, golf clubs, cash, and clothing. He is concerned that his homeowners policy will not provide enough coverage. 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 Scheduled personal property endorsement Crew of ships are covered by the? Theft from a dwelling under construction prior to its occupancy Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. A. covers public art collections. B. Select the person who is not considered an insured under an HO-3 policy? Insurer investigation expenses are in addition to the limits stated in Coverage E C. a leased warehouse for landlord . On wet pavement, the standard deviation of stopping distances is 32 feet. 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). Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. Which of the following additional coverages is only included in certain homeowners forms? C. 60 Round to one decimal place. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ How can government use taxes to reallocate the use of resources in the economy? What are the implications of your statistical conclusions in terms of driving safety recommendations? What is Scheduled Personal Property? A little later the grill explodes and damages Mac's home. Of the following statements concerning Homeowners policies, which is correct? Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. Because the medical payments limit applies per person, the insurer will pay actual expenses up to $5,000 per person: $5,000 + $4,000 + $3,000 + $2,000 + $1,000 = $15,000. 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. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. He keeps a considerable amount of cash and other valuables on him and around his home. A. commercial buildings C) The criminal, the crime, a police officer and a court of law. Which of the following is true regarding eligibility of a 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. 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. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. Which of the following is considered personal property not covered by the homeowners policy? Chloe moved from a spacious home to a smaller condo unit and stored some of her furniture in an off-premises storage unit. What is relocation diffusion in human geography? Losses to dwellings and other structures are paid at replacement cost. B. An insured has how many days grace period to get most Floater items scheduled? A Fine Art Floater: 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 The election process for the Academy Awards (for films) involves several stages and several different voting methods. Mac bought a new gas grill from a local department store. Tom and Ann have just bought a condominium for their residence. A. fur coats D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. 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? What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? 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. $$, 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. C. is an unscheduled blanket policy. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. Which of the following homeowners policies covers tenants or renters? What is it? 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. A. cattle shipped to market Which of the following is not true concerning Section II of the Homeowners Policy? Which statement is true concerning Section II of a Homeowners Policy? A. Coverage D of a Homeowners Policy includes loss of income from an incidental business B. Insects B. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. A. 80% of the replacement cost. C. An attached garage On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Damage arising out of the insured's business pursuits A. a stated value basis. 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. The Home Day Care endorsement does not provide which of the following? How does the homeowners policy limit coverage for these types of property? 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. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? 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. It offers "open perils" protection for your house and detached structures like garages, sheds, fences. 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. D. loading docks and cattle shipped to market, All-risk policies cover: \begin{matrix} A. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. Personal Articles Floater, Inland Marine policies are called? 7 Q An insured's home is covered by a DP-3. Personal property is covered worldwide. Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. True or False? It includes various perils outside your typical dwelling coverage. Liability Coverages are set forth in Section II of the Policy. An endorsement can settle personal property losses on a replacement cost basis. vandalism and malicious mischief \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ B. C. Medical payments will pay for a maximum of 1 year from the date of the accident An insurance endorsement is a change to your insurance policy, such as an addition of coverage. $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 Although she is willing to accept the insurer's settlement offer for the ceiling, walls, and hardwood floors, she objects to the insurer taking into account depreciation of the furniture and clothing. A) Coverage C--Personal property. How was this claim paid? 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. With scheduled personal property, you also. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? covers damages that the insured becomes legally obligated to pay because of bodily injury or property damage caused by an occurrence to which coverage applies. A. A) damage to the neighbor's yard. 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. You tell her that by adding this endorsement the insurer agrees to pay the lowest of the following values, for most types of property insured on the endorsement, EXCEPT: Beatrice works from her home, on a part-time basis, as a hairdresser. }\\ detached shed from which a tool repair business is operated. 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} keep the $10,000 loss payment and the recovered property. For a homeowners policy, which one of the following statements about insuring personal property normally kept at a residence other than the residence premises is CORRECT? Well not relieve the insure of its policy obligations Which homeowners insurance form is appropriate for Marilyn and Dan? $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. A. a warehouse Debris removal Which of the following is true regarding an unendorsed HO-4 (tenants form)? Fair market value 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. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Note: We don't currently offer the ability to schedule property, but stay tuned! D) damage to the neighbor's clothing. C. reservations 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. Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage B) $500.00 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.