Under what section of her homeowners policy is the pool insured, if at all? C. Home schooling is permitted under a Homeowners Policy A. commercial buildings Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. intended use | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. In contrast, a traditional homeowners policy covers the property on an actual cash value basis. A. Scheduled personal property. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. non-owned vehicles 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). 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? D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? A. Choose the false statement regarding the coverage of property under a Homeowners Policy. This year, $500,000\$ 500,000$500,000 is to be distributed. Cater pillar I nc. C. a home under construction that the owner intends to occupy Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Learn more about how endorsements can affect your coverage. D) Personal property replacement cost endorsement. Broad perils coverage - These two Forms provide Broad Form Perils Coverage. A. ACV Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. 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? Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? Personal Property Replacement Cost Loss Settlement. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. The pair of earrings cost $15,000 and was recently valued at $20,000. A standard homeowners policy typically includes coverage for: Homeowners policies typically pay a percentage of your dwelling coverage limit to repair or replace your clothes, furniture, and other personal property. C. furs and jewelry Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. motorized wheelchairs D. The Damage to Property of Others duplicates coverage that is included in Section I. She purchased the necessary lumber and it's piled in her back yard. The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. 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. These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. 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. 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. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Which statement is correct? includes: D) damage to the neighbor's clothing. the maximum amount of coverage that can be written on any single dwelling is $25,000. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. 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. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? A. buildings What should their agent tell them? \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 What are the main advantages to the insured if the homeowners policy is a package policy? B. imports Theft from a dwelling under construction prior to its occupancy C. Contractor's Equipment Floater A. inland marine Which of the following is not covered if the insured has broad peril coverage? Examples of possessions that may have limited coverage from standard policies include fine artwork, antiques, jewels, furs, and gold coins or bars. D. Medical payments coverage is available for the insured and resident relatives. What definition in the homeowners policy describes Beatrice's activities as a hairdresser? How does the homeowners policy limit coverage for these types of property? 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. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. D. Contractor's Equipment Floater, Inland Marine will NOT cover: Physicians and Surgeons Floater `Lisa lost one of her emerald earrings. B. Open perils coverage is available by Endorsement for scheduled items at an additional premium. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. Commercial floaters cover: 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. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. 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. 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. Relatives of the named insured, meaning they are related by blood, marriage, or adoption B. A. replacement cost D) Personal property replacement cost endorsement. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? 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. Protection extends to additional types of loss above that covered by the homeowner's policy. C. golf clubs Which of the following statements about coverage under the federal flood insurance . C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises . The Home Day Care endorsement does not provide which of the following? no, because there are more than 4 units in the dwelling. D. Coverage D of a Homeowners Policy covers additional living expenses. D. commercial buildings. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. Which statement is true concerning Section II of a Homeowners Policy? Of the following statements concerning Homeowners policies, which is correct? no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. Question 54 of 63 An insured has a personal property replacement cost endorsement under her homeowners policy. B) Special property limits. Which of the following would not be eligible to purchase a Homeowners Policy? On what form is his policy written? A Personal Article Floater can cover: For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. C. Vermin Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Water Damage (Excluded from all homeowners policies), Supplementary payments of the homeowners policy section 2 are paid, Which of the following losses would be 100% covered under Coverage C-personal property, A $1,250 fur coat that was stolen from the premises, Material misrepresentation by the insured requires & Substantial change in risk insured requires. Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . 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. 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. Joaquin wants both property and liability insurance in one policy. Texas Department of Insurance. Mr. Conrad lives on the second floor of a duplex he bought. A. Under the HO-4 and HO-6, personal property is covered on which basis?
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