Advertisement Borrowed property meets the definition of contents Bridget reported the theft of her Rolex watch to her insurance company. Throwing cargo into the sea to save a sinking ship is: Well not relieve the insure of its policy obligations A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. Installment Sales Floater A. covers public art collections. Round to the nearest dollar. Liability coverages are set forth in Section II of the Policy. C) It is covered for up to 10% of the coverage C limit. 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. B. negative state affect aircraft C. Vermin replacement cost coverage is available by endorsement, for an additional premium. She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. Personal Articles Floater D. $1,000, Ocean Marine covers: Which of the following is not true concerning Section II of the Homeowners Policy? 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. B) $500.00 A. birthday gifts The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. Your clothing, appliances, furniture, and jewelry are all treated as personal property. How would a covered loss to their home be settled or adjusted? Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. Medical payments coverage is not available for a residence employee Note: We don't currently offer the ability to schedule property, but stay tuned! \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. What is the average rate at which the clerk sorts mail during the first 3 months on the job? 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. A little later the grill explodes and damages Mac's home. 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. War According to Menger, what was the main concern of individuals in early trade situations? 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. D. jewelry, A dry cleaner delivering clothes to customers should get: Her jeweler will reproduce the lost earring for $10,000. A. C. Installation Floater To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. The dwelling must be the principal residence of the insured -- The underlying concept of the Homeowners Policy is that owner-occupied property has, in most cases, better care and maintenance than tenant-occupied property and is therefore eligible for package insurance and discounted rates. B. stamp and coin collections Which of the following would not be an insured under Section II of the Homeowners Policy? includes: The different classes of property that are eligible for coverage . 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. 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. Which of the standard homeowners policies includes malicious mischief as a named peril? Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? It includes various perils outside your typical dwelling coverage. The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Which form is designed for the unit-owner of a condominium? Coverage does not apply to property damage covered under Section I of the policy. In some situations, property owned by others may also be covered under a standard policy. Under the HO-4 and HO-6, personal property is covered on which basis? | Allstate Personal property coverage is designed to help protect your belongings. & \$74,850.00\\ Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. Personal property is a class of property that can include any type of asset other than real estate. Scheduled personal property endorsement. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? A show dog When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? The Tuttles own a late-19th century Victorian home. C. a home under construction that the owner intends to occupy Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? non-owned vehicles Water damage Coverage D of a Homeowners Policy includes loss of income from an incidental business On a standard homeowners policy, coverage divides into categories including. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. A. Kevin came home from work to find that his house had been vandalized. 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. Protection extends to additional types of loss above that covered by the homeowner's policy. Scheduled personal property. Because the medical payments limit applies per person, the insurer will pay actual expenses up to $5,000 per person: $5,000 + $4,000 + $3,000 + $2,000 + $1,000 = $15,000. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. A standard homeowners insurance policy covers personal items up to a specific dollar limit, beyond which an insurance company won't compensate you in the event of a loss. 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. What Does Homeowners Insurance Cover and Not Cover? What Is Personal Property Coverage? The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. sailboats Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? Damage arising out of the insured's business pursuits The assigning of the value of the insuredproperty will vary by the insurance provider. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? What Is an Insurance Endorsement? The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? $$ claim expenses 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. A. 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. Her agent recommends a. B. 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. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Which statement is true concerning Coverage D of the Homeowners Policy? Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. The policy states that the insurance company will provide defense for the insured at the insurer's expense, even when the insured is not at fault. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. C. A hovercraft The court orders that the animal be put to sleep. B. 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? A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. riot Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. | Allstate An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. - all relatives of the named insured who live in the same household A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. B. 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. A rare and expensive gun was stolen from it. How Much Homeowners Insurance Coverage Do I Need? D. Lumber in the insured's yard to be used to build a deck off the kitchen. D. Contractor's Equipment Floater, Inland Marine will NOT cover: | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. vandalism and malicious mischief C. a leased warehouse A. The endorsement provides replacement cost coverage on certain building items that are expressly excluded from the replacement cost coverage applicable to buildings: awnings, carpeting, household appliances, outdoor antennas, and outdoor equipment, in addition to replacement cost coverage on personal property. 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 A. Natalie offers to rent a room in her home to a local college student. It may provide protection in the event of a covered loss, such as theft or fire. While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. What is his objection to actual cash value and what, if anything, can he do about it? Coverage B: Other Structures C. The insured's tenant Which floater covers works of art sold by an art gallery on a consignment basis? Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Renters insurance can do more than help protect your property. Theft of silverware is covered up to $2,500 C. Money is covered up to $500 per occurrence D. The Scheduled Personal Property Endorsement provides open perils coverage Personal property coverage is designed to help protect your belongings. C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises Under Section II of the Homeowners Policy, an employee whose duties are related to the maintenance or use of the residence premises, is defined as: A residence employee - 'Residence employee' means any employee of an insured, whose duties are related to the maintenance or use of the residence premises. His insurance agent suggests that he add which endorsement to adequately cover his watch? C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence One classified ad lists a job that pays 64.6K. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy.
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