It extends Section II coverages to the insured's home day care business --- The Home Day Care Coverage Endorsement extends the coverage of the Homeowners Section II to the Day Care Business. 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. 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. C. Contractor's Equipment Floater A. 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. 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. With respect to Jack and Mary's homeowners policy, the rental property would be considered which of the following? 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? Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. 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. 150,000 to Carole and $75,000 each to Sandra and Lynn. The dwelling and other structures (Coverages A and B) are written on an open perils basis -- The HO-3 (Special Form) provides the broadest coverage available on structures: open perils (or all-risk) coverage. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence Damage arising out of the insured's business pursuits On what form is his policy written? The assigning of the value of the insuredproperty will vary by the insurance provider. Another job he found has a weekly salary of $1,120. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? Gabriella lives in a multi-unit dwelling. D. Damage to property owned by the insured's tenant. Which form is designed for the unit-owner of a condominium? Which of the following statements about coverage under the federal flood insurance . theft, Additional coverages found in all homeowners forms include, Debris removal 1 The Home Day Care endorsement does not provide which of the following? replacement cost coverage is available by endorsement, for an additional premium. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. C. fine art Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except Which of the standard homeowners policies includes malicious mischief as a named peril? When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence -- Damage to Property of Others pays up to $1,000 regardless of whether the insured is liable or not. Personal property on most policies include clothing, shoes, furniture,appliances, and other items. C. reservations Which of the following is true regarding the HO-3 (Special Form)? B. bridges owned by municipalities B. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Policyholders are not subject to a deductible on scheduled items. C. all-risk A. jewelry salesperson's sample case pools Caterpillar had no preferred stock outstanding. ), $74,850.0035,798.00\begin{array}{r r} What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? Which statement is correct? C. is an unscheduled blanket policy. - &35,798.00\\ \hline What is his objection to actual cash value and what, if anything, can he do about it? The scheduled personal property endorsement provides open peril coverage C. Theft of silverware is covered up to $2,500 D. Money is covered up to $500 per occurrence Money is covered up to $500 per occurrence The limit on money is $200. HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. Coverage may be increased beyond the $2,500 additional coverage (10.) B. Animals, birds, fish Which statement is true concerning Coverage D of the Homeowners Policy? A model airplane Members of the family under the age of 24 living at school away from the home C. Inherent Vice D. It covers injury to attendees while loading or unloading them from draft or saddle animals. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. B. an open perils (all-risk) basis. Marc and Nancy insure their home for $300,000 with a homeowners policy. What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? Which of the following is true regarding eligibility of a Homeowners Policy? A. & \$74,850.00\\ Damage to Property of Others coverage is provided up to a specified limit regardless of negligence - Damage to Property of Others pays up to $1,000 regardless of whether the insured is liable or not. B. stamp and coin collections What is Scheduled Personal Property? Personal Property Replacement Cost Loss Settlement. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: B. All of the following statements about the federal flood insurance program are true EXCEPT. B. A. golf clubs What is relocation diffusion in human geography? He asks his insurance agent if the family cemetery plot and the small greenhouse he rents to a friend who grows and sells orchids are also covered under 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 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. C) the neighbor's medical expenses. In order to be covered by a scheduled personal property endorsement, the policyholder's personal property must be listed in the schedule, or list, for coverage. A. fur coats Personal property coverage is designed to help protect your belongings. D. leased buildings, Each of the following is a Personal Floater EXCEPT: The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. How much money would she have to earn each year before it was considered a business activity under a homeowners policy? C. Home schooling is permitted under a Homeowners Policy Definition. A. covers public art collections. They believed that they did not get enough for this property because the settlement was based on actual cash value. The homeowners policy contains which of the following types of insurance coverage? 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. D) damage to the neighbor's clothing. This modifies the basis of loss settlement from ACV to replacement value. 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 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. 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. The HO-5 personal property coverages are insured on which basis? B. Dwellings under construction are covered for theft D) Personal property replacement cost endorsement. Samuel has the 2011 edition of the ISO homeowners policy. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. With actual cash value, loss is depreciated based on age and condition. Under an HO-3 policy, what is the coinsurance requirement? personal property of roomers or boarders is excluded under the homeowners policy. Which of the following would not be eligible to purchase a Homeowners Policy? HO-3 is a comprehensive policy. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. Structures that are set apart from the dwelling by a clear space The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. Which of the following would not be an insured under Section II of the Homeowners Policy? A. buildings Which statement is correct about these forms? 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. Under what coverage part of her homeowners policy is the lumber insured? D) An insured, an agent, an insurer and a claim. According to Menger, what was the main concern of individuals in early trade situations? Learn about several types of riders that may be available on a home insurance policy. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured A. replacement cost A. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? On a standard homeowners policy, coverage divides into categories including. A neighbor is injured while helping the insured install a carpet --- First Aid Expenses Coverage applies to first aid to others caused by Bodily Injury covered under the policy, but does not pay for first aid to an insured. 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. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? Natalie offers to rent a room in her home to a local college student. How much did Molly's insurance company pay to the mortgagee? Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. How does the homeowners policy limit coverage for these types of property? Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. B. mariners What homeowners policy form would best suit the Tuttles' needs. If an expensive painting and an antique chair are stolen from the insured's home, what will the insured receive on the claim under that endorsement? 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. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? The factors involved in location decisions include. 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. A. lightning 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 Which statement is true concerning Section II of a Homeowners Policy? 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. Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. 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. 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. 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. Take pictures of all items and receipts, and send them to your insurer. The required reserve ratio is 10 percent. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. non-owned vehicles lawnmowers, Bodily injury to others To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. Determine the number of times interest charges are earned for 2014 and 2013. A. birthday gifts D. Camera floater, Which floater may be used to cover office equipment and furniture? An insurer is not required to accept any property that an insured has. The peril causing this loss is malicious mischief. "Personal Property Home Inventory." These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. Jackie pays $500 per year for property insurance on the building she owns, which is insured for $100,000. Open perils coverage is available by Endorsement for scheduled items at an additional premium. Power failure, A dwelling policy covers all types of personal properties listed except In some situations, property owned by others may also be covered under a standard policy. A rare and expensive gun was stolen from it. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? C. Damage to property owned by the insured Learn how coverage works. George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. Well not relieve the insure of its policy obligations Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? What Is Personal Property Coverage? trees, shrubs, plants C) It is covered for up to 10% of the coverage C limit. One classified ad lists a job that pays 64.6K. Coverage for a day care employee - Injury to any employee arising out of the day care business is not covered. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ By purchasing a scheduled personal. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. the maximum amount of coverage that can be written on any single dwelling is $25,000. You may need to purchase a scheduled personal property endorsement if the value of your personal items exceeds the limit on your personal property insurance policy. Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. D. Coverage is provided to property of boarders not related to the insured, Under Coverage A of the Homeowners Policy, all of the following are covered, except: Mrs. North's will specified that her daughter, Carole, would be a 50% owner and her stepdaughters would each own 25% of the home. War Coverage F: Medical Expenses, Example that is covered under Coverage A: dwelling, Example that is covered under Coverage D: loss of use, The loss of income from the boarder in a house having to be moved, Example that is covered under additional coverages. A. ships' cargo