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They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. ), $74,850.0035,798.00\begin{array}{r r} Relatives of the named insured, meaning they are related by blood, marriage, or adoption property removed, Section II provides coverage to third parties including, first aid provided by the insure theft, Additional coverages found in all homeowners forms include, Debris removal When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? Which statement is correct? D) Whatever it will reasonably cost. 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. 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. 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. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. 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. Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. A. covers inherent vice. What do you tell her? What are the implications of your statistical conclusions in terms of driving safety recommendations? Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. Which form is designed for the unit-owner of a condominium? A. A model airplane An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. 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. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. Learn about several types of riders that may be available on a home insurance policy. These duties include household and domestic services, such as those of a gardener or nanny. 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. 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. Covered up to 10% if kept at a location other than the main residence, True or False D. A speaker system installed in the insured's car. She knows the furniture in her condo unit is covered as personal property under her homeowners policy but wants to know if the stored furniture is also covered and, if so, do any coverage restrictions exist. What Coverage C special limit of liability applies to the loss? B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? Wisconsin Office of the Commissioner of Insurance. Chloe moved from a spacious home to a smaller condo unit and stored some of her furniture in an off-premises storage unit. C. stated value What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? 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. Of the following statements concerning Homeowners policies, which is correct? A. Dwellings under construction are covered for theft Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. The factors involved in location decisions include. 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. The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. Debris removal 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. C. Contractor's Equipment Floater Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises 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. B. Exhibition floater reasonable repairs B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. Your insurance companys underwriting team will review and get back to you with the status of your request. fences The police arrested the worker and returned the stolen property, including Laura's one emerald earring. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. B) cost to have the dog put to sleep. C. a home under construction that the owner intends to occupy Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence By purchasing a scheduled personal. George just returned from Europe with a beautiful Swiss watch valued at $10,000. Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? $1,500 for trailers not used with watercraft b. Scheduled personal property endorsement. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? 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. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. He is concerned that his homeowners policy will not provide enough coverage. Michael and Tricia have spent much time and money to landscape their property. A scheduled personal property endorsement may be used to cover each of the following EXCEPT: A. bicycles and clothing B. decks and awnings C. birthday gifts and wedding gifts D. paintings and jewelry B. decks and awnings Sheep shipped to market are insured by: A. Inland marine insurance B. homeowner policies A. Inland marine insurance Kevin came home from work to find that his house had been vandalized. 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? An insurer may not be sued unless the insured has fully complied with the terms of the homeowners policy and the suit is brought within how many years of the loss date? Physicians and Surgeons Floater On a standard homeowners policy, coverage divides into categories including. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. The following options are available to the insurer EXCEPT: Pay the total cash value of the pair of earrings prior to the loss divided by two. subrogate the claim to seek recovery from the manufacturer. D. Coverage D of a Homeowners Policy covers additional living expenses. However, there are limits for the coveragevalue for eachitem. 7 Q An insured's home is covered by a DP-3. Round to the nearest dollar. Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. 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 would NOT purchase a bailee's floater? C. 60 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. HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ The coverage will pay for any increase in living expenses required to maintain the insured's normal standard of living - Coverage D is intended to pay only the increase in the insured's normal living expenses occasioned by the loss. As their agent, which homeowners coverage form should you offer them? B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results D. a townhouse that is owner-occupied, Loss arising out of acts the insured expects or intends is excluded under both Coverage ___ and Coverage ___, What is true regarding personal liability coverage, It is added by endorsement to the dwelling policy, but automatically included in the homeowners policy, Coverage E - Personal Liability provides coverage to the insured if, a claim is made or a sit is brought against the insured for damages because of bodily injury to property damage to others, Additional coverages for coverage A for trees, shrubs, plants, or lawns, loss caused by: Which of the following is not covered if the insured has broad peril coverage? The extent to which a person feels enthusiastic, active and alert is known as ________. 30 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. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. D. Installation Floater, Tourist luggage is insured by which floater? personal property of roomers or boarders is excluded under the homeowners policy. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? B. actual cash value, The least likely method of payment for loss under a Floater is: Medical payments coverage is not available for a residence employee These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. Describe five common fees assessed on credit card accounts and how they can be avoided. Personal Articles Floater D. Territorial Limits. "Homeowners Insurance Guide." A. 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? Costs the insured was already paying before incurring the loss are not covered. Scheduled personal property works in two ways: increasing policy limits to cover more expensive items and protecting these items from a more significant number of . A little later the grill explodes and damages Mac's home. Unscheduled Personal Property Coverage Covered up to 10% if kept at a location other than the main residence True or False The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not True The permitted incidental occupancy endorsement Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. A. breakage D) damage to the neighbor's clothing. Other structures, which include items such as sheds, fences, and the mailbox. lightning An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. A. Coverage is provided to property of boarders not related to the insured D. Lumber in the insured's yard to be used to build a deck off the kitchen. Covers people who conduct business at home and have a person injured on their property, The HO-3 provides _____ peril coverage on dwelling and _____ peril coverage on personal property, Standard exclusions in the homeowners forms, Earth movement Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. Charles Munyi has over eight years of experience as a personal finance writer. Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. The amount specified for this ring in the schedule is $2,000. 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. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. A. birthday gifts Your clothing, appliances, furniture, and jewelry are all treated as personal property. Kevin is looking for a job as a piano technician. Liability Coverages are set forth in Section II of the Policy. Select the person who is not considered an insured under an HO-3 policy? It extends Section II coverages to the insured's home day care business 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. B. 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? B. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. Eloise installed an in-ground swimming pool in the back yard of her home. What does the representative tell them? Fair market value C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises 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. Water damage 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. An endorsement can settle personal property losses on a replacement cost basis. B. A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. An insured has how many days grace period to get most Floater items scheduled? D. Contractor's Equipment Floater, Inland Marine will NOT cover: Animals, birds, fish D. Coverage D of a Homeowners Policy covers additional living expenses. A Special personal property. 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. 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. D. Damage to property owned by the insured's tenant. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. the maximum amount of coverage that can be written on any single dwelling is $25,000. A. certificates Personal inland marine coverage eliminates many of the various person-al property issues on the homeowners policy forms (and endorsements) and provides a straightforward coverage option. You may not realize the value of what you own until your home is damaged or vandalized. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. C) No coverage is available. On dry pavement, the standard deviation is 16 feet. A better solution. Personal property coverage is designed to help protect your belongings. She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. 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. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. Coverage C: Personal Property 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 Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? 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. Damage arising out of the insured's business pursuits B. imports 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. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. storage shed. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. One day the dog attacks a neighbor while she is working in her own yard. B. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. A. Learn about what is typically covered in a renters policy and additional coverages you may want to consider. Bart keeps a dog that is known in the neighborhood to be vicious. 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. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. 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. Which of the following is considered personal property not covered by the homeowners policy? All of the following are true, except: When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Under what section of her homeowners policy is the pool insured, if at all? claim expenses The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. 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. D. Any person legally responsible for watercraft owned by an insured. \end{array} A) Special limits of liability. is the worlds leading manufacturer of construction and mining equipment. 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. What limitations, if any, apply to cash and securities? Property such as electronics, firearms, business property, and watercraft may have limitations. Inherent vice B. fine art Physicians and Surgeons Floater Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. D. provides named peril coverage. A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. 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. no, because there are more than 4 units in the dwelling. A. A Personal Articles Floater: C. An attached garage 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. D. loading docks and cattle shipped to market, All-risk policies cover: Under a Homeowners policy, Coverage B is what percentage of Coverage A? How big are the banks excess reserves? On what form is Albert's homeowners policy written? Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. Which of the following is not an Additional Coverage on the homeowners policy? 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. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. includes: Which of the standard homeowners policies includes malicious mischief as a named peril? C. Coverage is not provided to a garage rented for private garage purposes C. positive state affect The election process for the Academy Awards (for films) involves several stages and several different voting methods. 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. Property damage coverage included damage from insects, weathering, and wear and tear. 70% of the replacement cost. \begin{matrix} Under the HO-8 policy, the dwelling is valued on which basis? A. Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. Including debris removal, what is the maximum an HO-3 policy with a Coverage A amount of $250,000 will pay If a detached garage burns down? A. Which of the following is false in regard to the Home Day Care endorsement? Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. 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. C) Coverage C--Personal property increased limits. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. Dave has a homeowners insurance policy. for landlord . Renters insurance can do more than help protect your property. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Another job he found has a weekly salary of $1,120. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: A. ships' cargo An insured has a personal property replacement cost endorsement under her homeowners policy. 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. Money is covered up to $500 per occurrence - The limit on money is $200. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. $74,850.0035,798.00. Joaquin wants both property and liability insurance in one 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. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. B. Coverage D: Loss of Use, Coverage E: Liability C) It is covered for up to 10% of the coverage C limit. Personal Articles What Coverage C special limit of liability applies to the loss? 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} Other named peril losses are covered up to the Coverage C limit. 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. C. $250 . fire dept service charge 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). non-owned vehicles How can government use taxes to reallocate the use of resources in the economy? Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? An insurance deductible doesnt apply to this coverage. 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. Personal Effects, Inland Marine policy losses are usually calculated with which method of valuation: Coverage C of a Homeowners Policy includes: An owned camera used by the insured while on vacation in another country --- Property not covered under Coverage C includes animals, aircraft, and vehicles registered for road use. $$, 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. 13 Q Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? The diamond fell out of its setting and was lost. D. either basic or broad, Which Floater is written on a valued basis? \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ 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? 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.