the scheduled personal property endorsement quizlet

The stone could be replaced for $1,700. C. insect damage 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. Broad perils coverage - These two Forms provide Broad Form Perils Coverage. How was this claim paid? 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. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Coverage does not apply to property damage covered under Section I of the policy. Protection extends to additional types of loss above that covered by the homeowner's policy. - 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. The factors involved in location decisions include. What is relocation diffusion in human geography? 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. 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 scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. Debris removal 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. B. fine art Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. The insurer can do this because losses to personal property are settled on what basis? The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. Other structures, which include items such as sheds, fences, and the mailbox. Which of the following Coverages is not found under Section I of the Homeowners Policy? Theft from a dwelling under construction prior to its occupancy 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? Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. A) Coverage C--Personal property. B. bridges owned by municipalities B. Damage caused intentionally by the insured's 10-year-old son C. Coverage is not provided to a garage rented for private garage purposes Animals, birds, fish The required reserve ratio is 10 percent. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? A typical homeowners policy does not cover. all of the following are special personal property limits under a homeowners policy EXCEPT: a. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement D. Section I limits coverage on utility trailers up to $500 The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. the maximum amount of coverage that can be written on any single dwelling is $25,000. Property damage coverage included damage from insects, weathering, and wear and tear. A. cattle shipped to market Another job he found has a weekly salary of $1,120. Describe five common fees assessed on credit card accounts and how they can be avoided. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. 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. 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. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. is the worlds leading manufacturer of construction and mining equipment. Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? D. provides named peril coverage. Scheduled personal property coverage is an insurance rider (also known as an endorsement) homeowners can add on to their existing policy to get more protection for their valuables. Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. 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. Scheduled personal property coverage is an endorsement you can add to your home insurance. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? Under what coverage part of her homeowners policy is the lumber insured? Learn more about how endorsements can affect your coverage. What Coverage C special limit of liability applies to the loss? She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. D) Whatever it will reasonably cost. A. 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. | Allstate Personal property coverage is designed to help protect your belongings. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. A. The replacement value of the home is $450,000. C. Damage to property owned by the insured (The home cannot contain more than 4 families), are also eligible for homeowners policy if the named insured is to be the occupant, Which of the following is the correct formula used to calculate ACV, Loss sustained while the injured party is on an insured location with any insured's permission is covered under, The insurance limit for coverage B-other structures is, 10% of Coverage A (Except for HO-4 and HO-6), All of the homeowners forms provide identical. 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. How big are the banks excess reserves? What does the representative tell them? 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. C. Inherent Vice Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? C. Contractor's Equipment Floater B. jettison, Floaters provide which type of coverage: Which of the following statements about coverage under the federal flood insurance . A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? 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. 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. A. 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 The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except This modifies the basis of loss settlement from ACV to replacement value. motorized wheelchairs Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. A. B. negative state affect D. Private structures owned by the insured at other locations. 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 Open perils coverage is available by Endorsement for scheduled items at an additional premium. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. Coverage C: Personal Property 150,000 to Carole and $75,000 each to Sandra and Lynn. Each insurance company will value your personal property differently. 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. B. Exhibition floater B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results A. B. Insects Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? On what form is his policy written? A show dog What endorsement do you recommend? C. homes Which endorsement would have provided a better loss settlement? - any other residents who are under 21 and in the care of any member of the insured's family Which of the following is not covered if the insured has broad peril coverage? 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: A. Personal property is a class of property that can include any type of asset other than real estate. C. It covers injury to an employee, as well as attendees, arising out of day care operations The homeowners policy contains which of the following types of insurance coverage? All of the following statements about the federal flood insurance program are true EXCEPT. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ Advertisement Antiques - Property that cannot be replaced, such as souvenirs, antiques, and paintings are not eligible for the replacement cost coverage.

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