C. Contractor's Equipment Floater 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. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? pools A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. C. stated value A. warehouses Which of the following statements about coverage under the federal flood insurance . Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. On what form is his policy written? B. Open perils -- The HO-5 is the broadest policy providing open perils coverage on Coverages A, B, and C. Which person is not a covered resident under the Homeowners Policy? It may provide protection in the event of a covered loss, such as theft or fire. A wildfire is burning near Linda's house and the sheriff's department orders her to evacuate. Relatives of the named insured, meaning they are related by blood, marriage, or adoption Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. B. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured Mac bought a new gas grill from a local department store. Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. `Lisa lost one of her emerald earrings. A. a duplex that is owner-occupied A show dog While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. - &35,798.00\\ \hline Each insurance company will value your personal property differently. Liability for loss to use of another's property In some situations, property owned by others may also be covered under a standard 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 A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. An endorsement can settle personal property losses on a replacement cost basis. Two years ago, the insured bought the home for $58K. Which of the following is considered personal property not covered by the homeowners policy? C) No coverage is available. - any other residents who are under 21 and in the care of any member of the insured's family }\\ Scheduled personal property endorsement Crew of ships are covered by the? 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. Perform regular appraisalsat least annuallyof items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss. Which of the following is not an option available to Laura? C. furs and jewelry 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. Your clothing, appliances, furniture, and jewelry are all treated as personal property. All of the following would be included in the definition of 'insured location', except: A 5-family dwelling in which the insured lives in one of the units, including the structures and grounds ----Eligible residential dwellings are those containing one to four residential units and no more than 2 roomers or boarders per family. B. George just returned from Europe with a beautiful Swiss watch valued at $10,000. B. Insurer investigation expenses are in addition to the limits stated in Coverage E A. replacement cost replacement cost coverage is available by endorsement, for an additional premium. Learn more about how endorsements can affect your coverage. 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). replacement cost coverage is available by endorsement, for an additional premium. B. Mr. Conrad lives on the second floor of a duplex he bought. Of the following statements concerning Homeowners policies, which is correct? A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 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. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. However, he worries that loss to his personal property will be adjusted on an actual cash value basis. You may not realize the value of what you own until your home is damaged or vandalized. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. Damage arising out of the insured's business pursuits Choose the false statement regarding the coverage of property under a Homeowners Policy. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. 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. B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except Describe the procedure and comment on its fairness. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. A. commercial buildings non-owned vehicles A Personal Article Floater can cover: C. Damage to property owned by the insured A better solution. How would a covered loss to their home be settled or adjusted? 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. D. Coverage D of a Homeowners Policy covers additional living expenses. The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. War 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. She purchased the necessary lumber and it's piled in her back yard. Money is covered up to $500 per occurrence - The limit on money is $200. C. fine art A. affective events theory 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. They believed that they did not get enough for this property because the settlement was based on actual cash value. Other named peril losses are covered up to the Coverage C limit. How Much Homeowners Insurance Coverage Do I Need? 80% of the replacement cost. The dwelling on the residence premises Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: C. Borrowed property meets the definition of contents 50% --- The basic amount of Coverage C insurance is 50% of the Coverage A Limit. Costs the insured was already paying before incurring the loss are not covered. One day the dog attacks a neighbor while she is working in her own yard. Theft from a dwelling under construction prior to its occupancy Which of the following section 2 liability endorsements provides coverage for business conducted away from the residence premises? Samuel has the 2011 edition of the ISO homeowners policy. A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. Which of the following is not covered if the insured has broad peril coverage? & \$74,850.00\\ The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. A. jewelry salesperson's sample case As their agent, which homeowners coverage form should you offer them? They want to buy insurance to cover their personal property and protect them against liability claims from third parties. What is the average rate at which the clerk sorts mail during the first 3 months on the job? D. jewelry, A dry cleaner delivering clothes to customers should get: A) Special limits of liability. Most Personal Articles Floaters are written on: Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. 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. Which of the following would not be included in the meaning of 'insured' in a homeowners policy? D. either basic or broad, Which Floater is written on a valued basis? For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Installment Sales Floater Throwing cargo into the sea to save a sinking ship is: All of the following are benefits provided by the Loss of Use coverage (Coverage D) in a homeowners policy EXCEPT: Janice and Bill ask their agent which homeowners insurance form she would recommend to meet their needs. 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. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? Scheduled personal property coverage provides three specificadvantages that extend beyond the benefits of a standard insurance policy: By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. C. Home schooling is covered under a Homeowners Policy | Allstate An insurance endorsement is a change to your insurance policy, such as an addition of coverage. Under the HO-8 policy, the dwelling is valued on which basis? What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? Which statement is true concerning Section II of a Homeowners Policy? Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Customer Bailee Floater Of the following statements concerning Homeowners policies, which is correct? Occurrence -- An accident, including exposure to conditions that result during the policy period in bodily injury or property damage trees, shrubs, plants Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. D. Installation Floater, Tourist luggage is insured by which floater? On a standard homeowners policy, coverage divides into categories including. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. The different classes of property that are eligible for coverage . With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? Gabriella lives in a multi-unit dwelling. Will the definition of 'residence premises' in an HO 3 policy apply to this dwelling? Other structures, which include items such as sheds, fences, and the mailbox. C. reservations All of the following statements is correct about a Homeowners Policy, except: The required reserve ratio is 10 percent. Structures that are set apart from the dwelling by a clear space A. Mrs. Delaney hired a contractor to build a deck on the back of her house. D) An insured, an agent, an insurer and a claim. Which of the standard homeowners policies includes malicious mischief as a named peril? Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. \end{matrix} A Homeowners Policy will not cover theft of a boat away from premises What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? The homeowners policy contains which of the following types of insurance coverage? The police arrested the worker and returned the stolen property, including Laura's one emerald earring. A. golf clubs Record every valuable possession in your house and copy the serial numbers. She wonders what the endorsement does. American Family Insurance. A. Renters insurance can do more than help protect your property. C. Coverage is not provided to a garage rented for private garage purposes 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. Which of the following property is covered under the Homeowners Policy? B) A duty to act, a branch of the duty, a resulting injury, a trail lawyer and a judge. Their homeowners policy imposes certain duties on them when a loss occurs. D) damage to the neighbor's clothing. Bridget reported the theft of her Rolex watch to her insurance company. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. C. The insured's tenant Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. A Fine Art Floater: Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. Open perils coverage is available by Endorsement for scheduled items at an additional premium. Members of the family under the age of 24 living at school away from the home For more jewelry. $0 Derek's agent tells him. D. floaters, Each of the following is covered by Inland Marine EXCEPT: He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. Which of the following is true regarding the HO-3 (Special Form)? What do you tell her? Animals, birds, fish B. jettison, Floaters provide which type of coverage: Tom and Ann have just bought a condominium for their residence. Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. 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. 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? Under an HO-3 policy, what is the coinsurance requirement? A. Personal property is a class of property that can include any type of asset other than real estate. Another job he found has a weekly salary of $1,120. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. C. $250 A. a stated value basis. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. B. 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 A) 5% of the Coverage A limit. for landlord . Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? 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? An insurance deductible doesnt apply to this coverage. These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. detached garages A. broad A. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. 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? What are the main advantages to the insured if the homeowners policy is a package policy? B. stamp and coin collections C. golf clubs theft, Additional coverages found in all homeowners forms include, Debris removal 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. Under what section of her homeowners policy is the pool insured, if at all? Loss settlement is based on the actual cash value up to the amount listed on the 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? In contrast, a traditional homeowners policy covers the property on an actual cash value basis. Coverage B: Other Structures The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not, The permitted incidental occupancy endorsement, Deletes exclusions in the policy pertaining to a business conducted on the resident premises D. jewelry, Inland Marine covers: Bart keeps a dog that is known in the neighborhood to be vicious. 80% --- If Coverage A is less than 80% at the time of a loss to the dwelling, a penalty will be applied to the partial dwelling loss claim payment. C) Coverage C--Personal property increased limits. furniture A. ships' cargo Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? 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. B. The coverage for Damage to Property of Others excludes property that is covered in Section I The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling.

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