$2,500 An insurer is not required to accept any property that an insured has Abandoned Customer Bailee Floater C) Coverage C--Personal property increased limits. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. Coverage C: Personal Property The factors involved in location decisions include. The cause is determined to be a defect in the grill. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results True or False? fire dept service charge 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. His insurance agent suggests that he add which endorsement to adequately cover his watch? The required reserve ratio is 10 percent. Which statement is false? 13 Q What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? The pair of earrings cost $15,000 and was recently valued at $20,000. 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. How was this claim paid? Power failure, A dwelling policy covers all types of personal properties listed except C) the neighbor's medical expenses. He wrote about insurance, banking, budgeting, products, services, and more for The Balance and Investopedia. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. 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. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. A Personal Article Floater can cover: The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. A. cattle shipped to market C. exports You can add this endorsement to either a schedule or blanket farm personal property insurance plan to give you additional coverage from $5,000 to $100,000. B. actual cash value, The least likely method of payment for loss under a Floater is: Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. Scheduled Personal Articles Insurance Coverage, Other structures that are not attached to your house, including fences and storage sheds, Additional living expenses if you move out of your house (loss of use coverage), Medical bills for someone injured on your property. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. D. $1,000, Ocean Marine covers: "Personal Property Home Inventory." 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. Bridget reported the theft of her Rolex watch to her insurance company. Bart keeps a dog that is known in the neighborhood to be vicious. Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. C. 100% of the actual cash value. Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. subrogate the claim to seek recovery from the manufacturer. What Coverage C special limit of liability applies to the loss? Under the HO-4 and HO-6, personal property is covered on which basis? Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? Kevin came home from work to find that his house had been vandalized. Marc and Nancy insure their home for $300,000 with a homeowners policy. D. The Damage to Property of Others duplicates coverage that is included in Section I. B) cost to have the dog put to sleep. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. The following coverages are all found under Section I of the Homeowners Policy, except: Personal Injury Liability -- Section I of the Homeowners Policy contains Property coverages. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. 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? C. all-risk 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. What definition in the homeowners policy describes Beatrice's activities as a hairdresser? 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. includes: Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. Charles Munyi has over eight years of experience as a personal finance writer. A. C. Inherent Vice B. bridges owned by municipalities D. Lumber in the insured's yard to be used to build a deck off the kitchen. Determine the earnings per share for Years 13. 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. C. Home schooling is covered under a Homeowners Policy Question 54 of 63 Loss settlement is based on the actual cash value up to the amount listed on the endorsement. Record every valuable possession in your house and copy the serial numbers. Choose the false statement regarding the coverage of property under a Homeowners Policy. Which of the following is not an Additional Coverage on the homeowners policy? A. warehouses Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. Money is covered up to $500 per occurrence - The limit on money is $200. The Watercraft Liability endorsement provides which coverage? This modifies the basis of loss settlement from ACV to replacement value. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. After cooking dinner, he turns off the gas to the grill. no, because there are more than 4 units in the dwelling. 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. Kevin is looking for a job as a piano technician. Tom and Ann have just bought a condominium for their residence. On what form is Albert's homeowners policy written? Which statement is true concerning Section II of a Homeowners Policy? B. A. jewelry salesperson's sample case A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Coverage does not apply to property damage covered under Section I of the policy. A. Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. lawnmowers, Bodily injury to others The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. DOWNLOAD TO PDF A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? Under the HO-8 policy, the dwelling is valued on which basis? A. An endorsement can settle personal property losses on a replacement cost basis. The property section of the homeowners policy excludes coverage for certain types of property. Open perils coverage is available by Endorsement for scheduled items at an additional premium. What limitations, if any, apply to cash and securities? Wisconsin Office of the Commissioner of Insurance. B. A rare and expensive gun was stolen from it. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. vandalism and malicious mischief What definition in his homeowners policy describes his home? 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 little later the grill explodes and damages Mac's home. Installment Sales Floater Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. Which property would be settled for its actual cash value even if the Personal Property Replacement Cost Loss Settlement Endorsement is attached to the HO-3 policy? 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. `Lisa lost one of her emerald earrings. B. Which statement is correct? What is Scheduled Personal Property? 70% of the replacement cost. He asks his insurance agent if the family cemetery plot and the small greenhouse he rents to a friend who grows and sells orchids are also covered under the policy. How would a covered loss to their home be settled or adjusted? B. ocean marine, Which peril is covered by a scheduled personal property endorsement? motorized wheelchairs In some situations, property owned by others may also be covered under a standard policy. (Round to the nearest cent. 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. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? An insured has a personal property replacement cost endorsement under her homeowners policy. Mac's homeowners policy pays for the damage to the home and grill. A. fur coats How much did Molly's insurance company pay to the mortgagee? 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. 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. B) Special property limits. 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. Your insurance companys underwriting team will review and get back to you with the status of your request. She purchased the necessary lumber and it's piled in her back yard. What are the main advantages to the insured if the homeowners policy is a package policy? B) Scheduled personal property endorsement. Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. C. Installation Floater 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. ping anser putter bronze, what does current juror status ended mean california, tracker myacht houseboat,