Personal Property Replacement Cost Loss Settlement. Chapter 13 - Businessowners Coverage Form, Chapter 12 - Miscellaneous Commercial Policies, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. After cooking dinner, he turns off the gas to the grill. C. reservations Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. Under an HO-2 policy with a coverage limit of $50,000 on the dwelling, what is the amount of personal property coverage that would be available? What does the representative tell them? 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. These duties include household and domestic services, such as those of a gardener or nanny. Two years ago, the insured bought the home for $58K. Is personal property that is usually located in a secondary residence covered under Coverage C? Debris removal D) Personal property replacement cost endorsement. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? 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. The Home Day Care endorsement does not provide which of the following? Note: We don't currently offer the ability to schedule property, but stay tuned! She wonders what the endorsement does. Personal Articles Floater, Inland Marine policies are called? The following options are available to the insurer EXCEPT: Pay the total cash value of the pair of earrings prior to the loss divided by two. The Watercraft Liability endorsement provides which coverage? Scheduled personal property may increase the coverage limits on expensive items such as jewelry, furs, art and antiques, stamps, coin collections, or other select collectibles. What Coverage C special limit of liability applies to the loss? 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. Under what section of her homeowners policy is the pool insured, if at all? B. A windstorm damages Tyrone and Belinda's garage and screened-in porch. How Much Homeowners Insurance Coverage Do I Need? 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. 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. Bicycle floater B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? replacement cost coverage is available by endorsement, for an additional premium. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. The insurer can do this because losses to personal property are settled on what basis? 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. All of the following definitions are true of a Homeowners Policy, except: Covered up to 10% if kept at a location other than the main residence, True or False Animals, birds, fish lightning A) Special limits of liability. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. A) Coverage C--Personal property. includes: Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. Which of the following homeowners policies covers tenants or renters? An insurance deductible doesnt apply to this coverage. C) Coverage C--Personal property increased limits. B. covers private art works. A) damage to the neighbor's yard. Which of the following property is covered under the Homeowners Policy? HO-3 is a comprehensive 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. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. B. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement D. Section I limits coverage on utility trailers up to $500 The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. intended use What definition in his homeowners policy describes his home? Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. What Does Homeowners Insurance Cover and Not Cover? D. Installation 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. B) Scheduled personal property endorsement. 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? A. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? Get home insurance quotes for scheduled personal property coverage Compare rates 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. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. Laura's insurer paid $10,000 claim to reproduce the missing earring. Which statement is false? In some situations, property owned by others may also be covered under a standard policy. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: B. D. Coverage is not provided to a garage rented for private garage purposes. Scheduled personal property works in two ways: increasing policy limits to cover more expensive items and protecting these items from a more significant number of . Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. 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. Money is covered up to $500 per occurrence - The limit on money is $200. C. Coverage is not provided to a garage rented for private garage purposes Which of the following is true regarding eligibility of a Homeowners Policy? Wisconsin Office of the Commissioner of Insurance. C. is an unscheduled blanket policy. Which statement is true concerning Section II of a Homeowners Policy? Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy. How does the homeowners policy limit coverage for these types of property? - any other residents who are under 21 and in the care of any member of the insured's family Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. Personal Effects, Inland Marine policy losses are usually calculated with which method of valuation: The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. On what basis was the loss settled? Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. A. jewelry salesperson's sample case Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? Damage to these items is not covered if caused by. Which of the following Coverages is not found under Section I of the Homeowners Policy? aircraft B) Special property limits. "Personal Property Home Inventory." How much money would she have to earn each year before it was considered a business activity under a homeowners policy? An endorsement can settle personal property losses on a replacement cost basis. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: What is relocation diffusion in human geography? $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. Liability arising from publication of material that violates another person's right of privacy - All are excluded under the unendorsed HO policy. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? 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. 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. furniture A. commercial buildings A. Another job he found has a weekly salary of $1,120. Which statement is true concerning Section II of a Homeowners Policy? Installment Sales Floater Any residents of the same household are insured as long as, Permitted Incidental Occupancies Endorsement. The preferred stockholders are also due to receive dividends in arrears for one year. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ Loss settlement is based on the actual cash value up to the amount listed on the endorsement. A. B. A. replacement cost Scheduled personal property is optional coverage you can add to your standard homeowners insurance policy to cover more risks and increase coverage limits on some high-value items. A. affective events theory 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. Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. A. What is the ppp-value? \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ What Coverage C special limit of liability applies to the loss? An endorsement can settle personal property losses on a replacement cost basis. C. homes B. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. An additional insurance coverage, known as scheduled personal property, can help provide greater protection for some of your most valued belongings. What are the implications of your statistical conclusions in terms of driving safety recommendations? Coverage may be increased beyond the $2,500 additional coverage (10.) Each insurance company will value your personal property differently. You may not realize the value of what you own until your home is damaged or vandalized. Commercial floaters cover: C. Payment under Damage to Property of Others is made regardless of negligence B. The agent recommends either the HO 2 Broad Form or the HO 3 Special Form. Customer Bailee Floater A. ships' cargo vandalism and malicious mischief Structures that are set apart from the dwelling by a clear space 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. Section II is the same in all Homeowners Forms - Since the liability exposures of individuals and families have little to do with their mode of residence, Section II is the same in all Homeowners Policy forms. Under the HO-4 and HO-6, personal property is covered on which basis? D. jewelry, Inland Marine covers: Which of the following is not one of these duties? 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
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