Animals, birds, fish Covered up to 10% if kept at a location other than the main residence, True or False What is relocation diffusion in human geography? 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. }\\ Renters insurance can do more than help protect your property. Water damage A. certificates 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. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured Mac's homeowners policy pays for the damage to the home and grill. What should their agent tell them? Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. D. Private structures owned by the insured at other locations. 70% of the replacement cost. (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. A. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. A. Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. Also known as. On a standard homeowners policy, coverage divides into categories including. Which of the following statements about coverage under the federal flood insurance . Each insurance company will value your personal property differently. A. On what form is Albert's homeowners policy written? C. reservations 80% of the replacement cost. \end{array} The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. Which would NOT purchase a bailee's floater? 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. D. Contractor's Equipment Floater, Inland Marine will NOT cover: Under the holdback requirement of a homeowners policy, the insurer must pay only the actual cash value of the loss until the actual repair or replacement is completed, subject to one exception. $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. B) cost to have the dog put to sleep. A) 5% of the Coverage A limit. The HO-5 personal property coverages are insured on which basis? unendorsed HO policy, there's not enough premium to handle the multitude of events that can cause a substantial loss of value to collectible stamps and coins. 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. Round to one decimal place. Which of the following property is covered under the Homeowners Policy? $$ Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. D. Medical payments coverage is available for the insured and resident relatives. A. B. B. Insects and vermin Her agent recommends a. If the cost to repair or replace is less than five percent of the dwelling limit and less than $2,500, the holdback requirement does not apply. George just returned from Europe with a beautiful Swiss watch valued at $10,000. Of the following statements concerning Homeowners policies, which is correct? Retrieve copies of either the receipts or appraisals of each item. Personal Articles Floater, Inland Marine policies are called? C. a leased warehouse Fair market value Which of the following is not true concerning Section II of the Homeowners Policy? C. positive state affect C. Vermin The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence D) Personal property replacement cost endorsement. C. Home schooling is covered under a Homeowners Policy Money is covered up to $500 per occurrence - The limit on money is $200. vandalism and malicious mischief How big are the banks excess reserves? B. bridges owned by municipalities Molly's claim for damages under Coverage A of her policy was $200,000 and her claim for damages under Coverage C was $150,000. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. How can government use taxes to reallocate the use of resources in the economy? For example,traditionalcoverage may cover the loss from a fire or theft. Which of the following would not be eligible to purchase a Homeowners Policy? The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. A. replacement cost 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. In some situations, property owned by others may also be covered under a standard policy. replacement cost coverage is available by endorsement, for an additional premium. What is his objection to actual cash value and what, if anything, can he do about it? A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. 30 Another job he found has a weekly salary of $1,120. replacement cost coverage is available by endorsement, for an additional premium. 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. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. A. birthday gifts lightning An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. Find (a) the maturity value and (b) the present value of the note assuming 5%5 \%5% per year compounded semiannually. With actual cash value, loss is depreciated based on age and condition. for landlord . A) Special limits of liability. Which of the following is false in regard to the Home Day Care endorsement? 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. The extent to which a person feels enthusiastic, active and alert is known as ________. Under a Homeowners policy, Coverage B is what percentage of Coverage A? Which of the following is true regarding eligibility of a Homeowners Policy? C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence Scheduled personal property coverage is an endorsement you can add to your home insurance. 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. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ B. gun collections D. A speaker system installed in the insured's car. Learn about several types of riders that may be available on a home insurance policy. 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} Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except 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. 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. D) Personal property replacement cost endorsement. 7 Q An insured's home is covered by a DP-3. Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. 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. 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. 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. Notify adjacent neighbors of the damage and possible risk to them, Samuel keeps a gun collection at home. Chloe moved from a spacious home to a smaller condo unit and stored some of her furniture in an off-premises storage unit. Each of these payouts would be subject to a deductible. civil commotion B. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Which statement is false? He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. How would a covered loss to their home be settled or adjusted? C. is an unscheduled blanket policy. Her jeweler will reproduce the lost earring for $10,000. An insured has how many days grace period to get most Floater items scheduled? Marc and Nancy insure their home for $300,000 with a homeowners policy. The Watercraft Liability endorsement provides which coverage? 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. C. Fine art floater B. 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 Select the person who is not considered an insured under an HO-3 policy? Your insurance companys underwriting team will review and get back to you with the status of your request. A. B. C. An attached garage A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. B. Personal property on most policies include clothing, shoes, furniture,appliances, and other items. Scheduled personal property endorsement If the insured owns a watch valued at $10,000, full coverage can be provided on a homeowners policy by purchasing the 80% The dwelling insured on HO-2, HO-3, or HO-5 forms is covered for replacement, provided that it is insured for at least what percentage of replacement cost on the date of loss? A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. A. breakage Which statement is true concerning Section II of a Homeowners Policy? A. ships' cargo Personal property is covered worldwide. A. He is concerned that his homeowners policy will not provide enough coverage. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. Accessed Oct. 15, 2021. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. Mr. and Mrs. Nguyen submitted a claim under their unendorsed homeowners policy for damage to their swimming pool. Definition. Physicians and Surgeons Floater Wisconsin Office of the Commissioner of Insurance. What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? A. broad Choose the false statement regarding the coverage of property under a Homeowners Policy. In the research study, 16 automobiles traveling at the same speeds are tested for stopping distances on wet pavement and then tested for stopping distances on dry pavement. Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. It includes various perils outside your typical dwelling coverage. B. imports 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. A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? The dwelling on the residence premises On what form is his policy written? coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. Under an HO-3 policy, what is the coinsurance requirement? Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. But here are the steps you can take to get the right amount of scheduled personal property insurance: You may need to take a picture of your item on top of the appraisal or receipt if youre insuring jewelry. A. B. an open perils (all-risk) basis. One classified ad lists a job that pays 64.6K. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. Damage to these items is not covered if caused by. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? The cause is determined to be a defect in the grill. Marilyn and Dan live in an apartment. How does the homeowners policy limit coverage for these types of property? If an expensive painting and an antique chair are stolen from the insured's home, what will the insured receive on the claim under that endorsement? A. Describe the procedure and comment on its fairness. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. lawnmowers, Bodily injury to others Bodily injury sustained by an employee in the course of employment, damage arising out of boats rented to others, and damage arising out of watercraft being operated in a race are not covered. C. homes B. Insects D. Camera floater, Which floater may be used to cover office equipment and furniture? Liability for loss to use of another's property Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as jewelry, in the event of a claim. A. a duplex that is owner-occupied 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. Installment Sales Floater $2,500 An insurer is not required to accept any property that an insured has Abandoned What Is Personal Property Coverage? Which of the following is not covered if the insured has broad peril coverage? C. The dwelling on the insured premises, plus any structures that are attached to the dwelling Personal Property Replacement Cost Loss Settlement. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. Natalie offers to rent a room in her home to a local college student. Personal Articles Floater Bart keeps a dog that is known in the neighborhood to be vicious. How much did Molly's insurance company pay to the mortgagee? B. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. D. provides named peril coverage. In addition, it provides personal liability coverage. What are the main advantages to the insured if the homeowners policy is a package policy? A. warehouses Broad perils coverage - These two Forms provide Broad Form Perils Coverage. Which type of liability limit applies to Medical Payments coverage? 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? Coverage D: Loss of Use, Coverage E: Liability B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. The court orders that the animal be put to sleep. 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 Which of the following additional coverages is only included in certain homeowners forms? 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. Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? theft, Additional coverages found in all homeowners forms include, Debris removal Functional Replacement Value - Functional replacement cost is the cost to replace the damaged property with property that performs the same function, but is not like-kind or quality. Physicians and Surgeons Floater When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? D. Coverage D of a Homeowners Policy covers additional living expenses. 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. Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. 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 War 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.