The different classes of property that are eligible for coverage . A. A. a stated value basis. 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. Read our, Definition and Examples of Scheduled Personal Property, Pros and Cons of Scheduled Personal Property, Answers to Common Homeowners Insurance Questions, What You Need To Know About Hurricanes and Insurance Coverage. $1,500 for trailers not used with watercraft b. All of the following statements about the federal flood insurance program are true EXCEPT. On what basis was the loss settled? Which endorsement would have provided a better loss settlement? Renters insurance can do more than help protect your property. A. a duplex that is owner-occupied Scheduled personal property coverage is an endorsement you can add to your home insurance. Damage arising out of the insured's business pursuits B. Insects and vermin Round to the nearest dollar. C. a home under construction that the owner intends to occupy The election process for the Academy Awards (for films) involves several stages and several different voting methods. C. Contractor's Equipment Floater 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. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Another job he found has a weekly salary of $1,120. What Is an Insurance Endorsement? A typical homeowners policy does not cover. "Homeowners Insurance Guide." The land on which the dwelling is located --- While vacant land is included in the definition of 'insured location,' for the purposes of liability coverage, no property coverage is provided for land under the Homeowners policy. The Watercraft Liability endorsement provides which coverage? C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence Today, it's replacement value is $60K. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: PI: 3.1.1 Homeowners Policy Flashcards | Quizlet C. Installation Floater claim expenses \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ Other structures, which include items such as sheds, fences, and the mailbox. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Section II covers the neighbor's medical expenses and property damage losses. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. A. Describe five common fees assessed on credit card accounts and how they can be avoided. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? detached shed from which a tool repair business is operated. They would not recover their loss in full because they were not insured to value. B. a mobile home that is owner-occupied 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. B. Exhibition floater Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? Homeowners Policies Flashcards | Chegg.com & \$74,850.00\\ With actual cash value, loss is depreciated based on age and condition. A. golf clubs A. commercial buildings Property & Casualty Flashcards by Elizabeth Brandt | Brainscape A. barratry Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. B. ocean marine, Which peril is covered by a scheduled personal property endorsement? The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. 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 Home Day Care endorsement does not provide which of the following? Coverage A: Dwelling The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. \end{array} 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 Laura's insurer paid $10,000 claim to reproduce the missing earring. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. 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. Choose the true statement concerning Homeowners Policies. On what form is his policy written? B. 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. C. furs and jewelry With scheduled personal property, you also. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. C. Fine art floater D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: You may not realize the value of what you own until your home is damaged or vandalized. Which of the following is true regarding the HO-3 (Special Form)? Which of the following is not covered if the insured has broad peril coverage? A. inland marine A. D) Personal property replacement cost endorsement. D. Camera floater, Which floater may be used to cover office equipment and furniture? What is relocation diffusion in human geography? The Damage to Property of Others duplicates coverage that is included in Section I ---- The Damage to Property of Others Additional Coverage supplements the Property Damage Liability Coverage by providing limited Coverage for damage, caused by the insured, regardless of negligence. A. The replacement value of the home is $450,000. B) cost to have the dog put to sleep. C) Scheduled personal property endorsement. Texas Department of Insurance. How can government use taxes to reallocate the use of resources in the economy? A. Dwellings under construction are covered for theft D. Medical payments coverage is available for the insured and resident relatives. However, there are limits for the coveragevalue for eachitem. B. Dwellings under construction are covered for theft B. B. He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. Eloise installed an in-ground swimming pool in the back yard of her home. The coverage for Damage to Property of Others excludes property that is covered in Section I Learn about several types of riders that may be available on a home insurance policy. On what form is Albert's homeowners policy written? Bicycle floater The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. B. mariners 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. Structures rented to someone who is not a tenant for use only as a private garage. Mr. Conrad lives on the second floor of a duplex he bought. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises D. Any person legally responsible for watercraft owned by an insured. An endorsement can settle personal property losses on a replacement cost basis. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. Which of the following is not one of these duties? B. 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. Accessed Oct. 15, 2021. What Does Homeowners Insurance Cover? | The Zebra 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? Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Property and Casualty Overall Test Flashcards | Chegg.com The Tuttles own a late-19th century Victorian home. The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. 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 All of the following statements is correct about a Homeowners Policy, except: - any other residents who are under 21 and in the care of any member of the insured's family C. Home schooling is permitted under a Homeowners Policy 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 - &35,798.00\\ \hline 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. An insured has how many days grace period to get most Floater items scheduled? What Is Scheduled Personal Property? - The Balance A. 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. 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? The dwelling on the residence premises Coverage A under the Homeowners Policy includes coverage for which of the following? 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? An endorsement can settle personal property losses on a replacement cost basis. D) damage to the neighbor's clothing. D. Coverage D of a Homeowners Policy covers additional living expenses. How Much Homeowners Insurance Coverage Do I Need? A research hypothesis is that the variance of stopping distances of automobiles on wet pavement is substantially greater than the variance of stopping distances of automobiles ondry pavement. D. Installation Floater. Scheduled personal property. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. A. B. Coverage C: Personal Property Personal property is covered worldwide. $$ Physicians and Surgeons Floater For example, a CSR could use one of the following endorsements to provide coverage for an insured's expensive jewelry: Scheduled Personal Property Endorsement (HO 04 61 05 11) or Scheduled Personal Property Endorsement (With Agreed Value Loss Settlement) (HO 04 60 05 11). Under a Homeowners policy, Coverage B is what percentage of Coverage A? Personal Property Replacement Cost - Dick Law Firm The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence