The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. Choose the true statement concerning Homeowners Policies. Learn about what is typically covered in a renters policy and additional coverages you may want to consider. To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. 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 his objection to actual cash value and what, if anything, can he do about it? However, which type of property is covered? Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. For instance, if your policys dollar limit is $4,000 for all your valuables but their total value exceeds that amount, youll need to purchase a scheduled personal property endorsement to have your valuables fully covered. C) It is covered for up to 10% of the coverage C limit. 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: 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 . The homeowners policy contains which of the following types of insurance coverage? Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. B. 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? Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage. Section II covers the neighbor's medical expenses and property damage losses. A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. C. The dwelling on the insured premises, plus any structures that are attached to the dwelling B. Exhibition floater The standard mortgage clause specifies the rights and duties of the mortgagee which include, Paying the premium if the insured fails to do so, The homeowners forms contain certain additional coverage. Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Round to one decimal place. The Scheduled Personal Property Endorsement, HO 04 61, does not define fine arts, leaving the category open for anything that does not fall into the jewelry, furs, cameras, musical. A. fur coats What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? 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. 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. B. C. Damage to property owned by the insured 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. What Does Homeowners Insurance Cover and Not Cover? A. The Home Day Care endorsement does not provide which of the following? Scheduled personal property is a supplemental insurance policy that extendscoveragebeyond the standard protection provided in a homeowners'insurance policy. C. Fine art floater Which of the following is true regarding the HO-3 (Special Form)? \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ Under your standard coverage, expensive jewelry, firearms, and furs may not be sufficiently covered scheduled personal property coverage can insure these items up to their full value. Which of the following is not one of these duties? coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. B. 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? Covered up to 10% if kept at a location other than the main residence, True or False A) 5% of the Coverage A limit. C. It covers injury to an employee, as well as attendees, arising out of day care operations D. either basic or broad, Which Floater is written on a valued basis? aircraft Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. 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. Damage arising out of the insured's business pursuits Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. D . D. Coverage is not provided to a garage rented for private garage purposes. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. 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. The election process for the Academy Awards (for films) involves several stages and several different voting methods. 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. Note: We don't currently offer the ability to schedule property, but stay tuned! A. replacement cost the maximum amount of coverage that can be written on any single dwelling is $25,000. Scheduled personal property insurance covers you for greater risks than your homeowners' insurance policy. Installment Sales Floater On wet pavement, the standard deviation of stopping distances is 32 feet. Scheduled personal property is an additional insurance policy that can be added to your homeowners' insurance policy. Because Coverage C of his homeowners policy contains a sublimit for loss of firearms and their equipment by theft, he will recover up to. Each of these payouts would be subject to a deductible. In contrast, a traditional homeowners policy covers the property on an actual cash value basis. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. A windstorm damages Tyrone and Belinda's garage and screened-in porch. Jones act Which method of Lawson valuation is contrary to the basic concept of indemnity? C. Home schooling is covered under a Homeowners Policy Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. Which of the following homeowners policies covers tenants or renters? Which endorsement would have provided a better loss settlement? All of the following statements is correct about a Homeowners Policy, except: fences Two years ago, the insured bought the home for $58K. B. a mobile home that is owner-occupied C. a home under construction that the owner intends to occupy Also known as. By purchasing the right insurance policy, you may be able to protect yourself from the financial costs of unforeseen losses, such as fire and natural disasters, frozen pipes, or even burglaries. 1 Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. C. 100% of the actual cash value. Installment Sales Floater lightning D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: All of the following statements about the federal flood insurance program are true EXCEPT. Which of the following is true regarding eligibility of a Homeowners Policy? Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. 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? 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. A show dog Eloise installed an in-ground swimming pool in the back yard of her home. A. domestic transportation shipments Under what coverage part of her homeowners policy is the lumber insured? An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. D. A speaker system installed in the insured's car. In some situations, property owned by others may also be covered under a standard policy. C. A hovercraft The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? claim expenses What do you tell her? D. Medical payments coverage is available for the insured and resident relatives. 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. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? Determine the number of times interest charges are earned for 2014 and 2013. Structures that are set apart from the dwelling by a clear space B) Special property limits. 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. D. floaters, Each of the following is covered by Inland Marine EXCEPT: They ask their agent if there is sufficient coverage under their standard homeowners policy for these high value items, and, if not, what is the best way to insure them. D) Personal property replacement cost endorsement. $0 Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. Also known as scheduled personal property coverage, this is a way to raise the coverage limits of specific high-value items, such as valuable family heirlooms, that you own. What definition in the homeowners policy describes Beatrice's activities as a hairdresser? $74,850.0035,798.00. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. All of the following are eligible for coverage under a homeowners policy except, Are eligible for homeowners policy if the mobile home endorsement is attached. $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. A. 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. 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? is the worlds leading manufacturer of construction and mining equipment. These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. D. Art on exhibition, Which floater covers a heating/air conditioning dealer putting a new furnace system in an office building? Liability coverages are set forth in Section II of the Policy. C. golf clubs What is the average rate at which the clerk sorts mail during the first 3 months on the job? D) Personal property replacement cost endorsement. Physicians and Surgeons Floater D. Camera floater, Which floater may be used to cover office equipment and furniture? Which type of liability limit applies to Medical Payments coverage? Commercial floaters cover: riot The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. American Family Insurance. An insured has a personal property replacement cost endorsement under her homeowners policy. While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. Which of the following statements about coverage under the federal flood insurance . 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. B. bridges owned by municipalities B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. D. Private structures owned by the insured at other locations. Water damage If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. Record every valuable possession in your house and copy the serial numbers. A. B. jettison, Floaters provide which type of coverage: A. Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. Most companies will require copies of either areceiptor anappraisalof the item before providing the coverage. Select the person who is not considered an insured under an HO-3 policy? Their homeowners policy imposes certain duties on them when a loss occurs. An employee whose duties are related to the maintenance of the residence premises, is defined as which of the following under Section II of the Homeowners Policy? Which floater covers works of art sold by an art gallery on a consignment basis? all of the following are special personal property limits under a homeowners policy EXCEPT: a. Marc and Nancy insure their home for $300,000 with a homeowners policy. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? What limitations, if any, apply to cash and securities? Which statement is true concerning Coverage D of the Homeowners Policy? furniture Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? $$ D. jewelry, Inland Marine covers: Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. 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. A. Personal Articles Floater Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. Which statement is correct about these forms? 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. Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. C. $250 What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? It may provide protection in the event of a covered loss, such as theft or fire. A. Round to the nearest dollar. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. B. Which would NOT purchase a bailee's floater? 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. D) Personal property replacement cost endorsement. A. jewelry salesperson's sample case D. Territorial Limits. A) Coverage C--Personal property. A. How much money would she have to earn each year before it was considered a business activity under a homeowners policy? Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. With scheduled personal property, you also. Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. According to Menger, what was the main concern of individuals in early trade situations? 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? A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. 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. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: The coverage for Damage to Property of Others excludes property that is covered in Section I One day the dog attacks a neighbor while she is working in her own yard. HO-3 is a comprehensive policy. C. furs and jewelry A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard 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. A. covers inherent vice. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? The pair of earrings cost $15,000 and was recently valued at $20,000. Power failure, A dwelling policy covers all types of personal properties listed except Your clothing, appliances, furniture, and jewelry are all treated as personal property. 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. Coverage D: Loss of Use, Coverage E: Liability She purchased the necessary lumber and it's piled in her back yard. Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. A. C. Home schooling is permitted under a Homeowners Policy The Watercraft Liability endorsement provides which coverage? A. 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? C. stated value Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. B. Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy. D. Coverage D of a Homeowners Policy covers additional living expenses. By purchasing a scheduled personal. The property section of the homeowners policy excludes coverage for certain types of property. A. Detached private structures on the residence premises Coverage A: Dwelling Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. Insurer investigation expenses are in addition to the limits stated in Coverage E A HO-3 policy provides coverage on which basis? Coverage A under the Homeowners Policy includes coverage for which of the following? 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. \end{matrix} A typical homeowners policy does not cover. A) Special limits of liability. C. 60 He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. (Round to the nearest cent. D. Installation Floater, Tourist luggage is insured by which floater? C. Contractor's Equipment Floater On what form is his policy written? The HO-5 personal property coverages are insured on which basis? If her ring is stolen, the insurer will pay (given a $250 deductible)? Personal property is covered worldwide. D. Contractor's Equipment Floater, Inland Marine will NOT cover: In what type of home does Mrs. Zabinski live? These duties include household and domestic services, such as those of a gardener or nanny. vandalism and malicious mischief D. outboard motors and fishing tackle, Ocean Marine Insurance covers: 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. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. theft, Additional coverages found in all homeowners forms include, Debris removal D. Damage to property owned by the insured's tenant. As their agent, which homeowners coverage form should you offer them? Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. How does the homeowners policy limit coverage for these types of property? Policyholders receive a full copy of their policy, which usually runs at least 20 pages. An insured has how many days grace period to get most Floater items scheduled? You may not realize the value of what you own until your home is damaged or vandalized. 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? 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. 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? D. Breakage, Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamental Financial Accounting Concepts, Alvin A Arens, Mark A Beasley, Randal J Elder. The amount specified for this ring in the schedule is $2,000. What definition in his homeowners policy describes his home? 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. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? Which of the following is true regarding an unendorsed HO-4 (tenants form)? 80% of the replacement cost. Animals, birds, fish Which of the following would not be included in the meaning of 'insured' in a homeowners policy? A. A commercial bank has $100 million in checkable-deposit liabilities and$12 million in actual reserves. An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. Under what section of her homeowners policy is the pool insured, if at all? C) The criminal, the crime, a police officer and a court of law. Of the following statements concerning Homeowners policies, which is correct? Personal property on most policies include clothing, shoes, furniture,appliances, and other items. A. Each insurance company will value your personal property differently. Property in transit. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. An endorsement can settle personal property losses on a replacement cost basis. 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. 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. A Homeowners Policy will not cover theft of a boat away from premises 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. A model airplane What are the main advantages to the insured if the homeowners policy is a package policy? She wonders what the endorsement does. Which of the following is false in regard to the Home Day Care endorsement? C. a leased warehouse 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. B. \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. storage shed. What coverage on her homeowners policy will pay for the necessary increase in living expenses she incurs because of her evacuation by a civil authority? D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? Policyholders are not subject to a deductible on scheduled items. B. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. A model airplane - A model or hobby aircraft is covered unless it is designed to carry people or cargo. In addition, Birinyi Associates identified Caterpillar as one of the top five companies to repurchase their own shares in a recent year.12 Three recent years of earnings and average common shares outstanding data for Caterpillar are as follows (in millions): Year3Year2Year1Netincome$3,695$3,789$5,681Averagenumberofcommonsharesoutstanding617.2645.2652.6\begin{array}{lrrr}
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