Which statement is correct about these forms? What definition in the homeowners policy describes Beatrice's activities as a hairdresser? The stone could be replaced for $1,700. B. In what type of home does Mrs. Zabinski live? 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? 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. C. 100% of the actual cash value. It offers "open perils" protection for your house and detached structures like garages, sheds, fences. What Coverage C special limit of liability applies to the loss? Another job he found has a weekly salary of $1,120. A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ is the worlds leading manufacturer of construction and mining equipment. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. keep the $10,000 loss payment and the recovered property. Your insurance companys underwriting team will review and get back to you with the status of your request. What homeowners form would be most appropriate for their insurance needs? 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 of the following is true regarding the HO-3 (Special Form)? 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. D. $1,000, Ocean Marine covers: People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. C. Damage to property owned by the insured 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 Structures that are set apart from the dwelling by a clear space The amount of insurance provided to cover personal property of a Homeowners Policy is what percentage of Coverage A? . 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} For example,traditionalcoverage may cover the loss from a fire or theft. reasonable repairs Also known as. intended use However, he worries that loss to his personal property will be adjusted on an actual cash value basis. She knows the furniture in her condo unit is covered as personal property under her homeowners policy but wants to know if the stored furniture is also covered and, if so, do any coverage restrictions exist. Definition amd Coverage, Tiny House Insurance: How to Insure Your Tiny Home, What Is Umbrella Insurance Policy? What homeowners policy form would best suit the Tuttles' needs. An insurer is not required to accept any property that an insured has. D. 90. 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. Coverage D of a Homeowners Policy includes loss of income from an incidental business George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. lawnmowers, Bodily injury to others A standard homeowners insurance policy covers your personal property up to a specific limit. Which floater covers works of art sold by an art gallery on a consignment basis? the maximum amount of coverage that can be written on any single dwelling is $25,000. C. exports 30 A. Determine the number of times interest charges are earned for 2014 and 2013. Medical payments coverage is not available for a residence employee How does the homeowners policy limit coverage for these types of property? Chloe moved from a spacious home to a smaller condo unit and stored some of her furniture in an off-premises storage unit. D. jewelry, A dry cleaner delivering clothes to customers should get: 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. Youll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage. C. is an unscheduled blanket policy. Which statement is true concerning Coverage D of the Homeowners Policy? The Watercraft Liability endorsement provides which coverage? Definition and If You Need It, Fire Insurance: Definition, Elements, How It Works, and Example, Rider: Definition, How Riders Work, Types, Cost, and Example, Personal Property: Definition, Examples, and Role in Insurance. 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. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. B. It provides Commercial General Liability coverage for the day care operation Which statement is false? Mac bought a new gas grill from a local department store. C) Scheduled personal property endorsement. 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. Broad perils coverage - These two Forms provide Broad Form Perils Coverage. - any other residents who are under 21 and in the care of any member of the insured's family 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. C. a leased warehouse Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy B. replacement cost coverage is available by endorsement, for an additional premium. D. leased buildings, Each of the following is a Personal Floater EXCEPT: A. birthday gifts The markings on the door did not permanently damage it but the door required cleaning and minor repair work. It may provide protection in the event of a covered loss, such as theft or fire. 1 Under what additional coverage did his homeowners insurance company reimburse him because he incurred expenses to board up the broken windows? An endorsement can settle personal property losses on a replacement cost basis. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. Liability Coverages are set forth in Section II of the Policy. Which of the following is considered personal property not covered by the homeowners policy? D. loading docks and cattle shipped to market, All-risk policies cover: replacement cost coverage is available by endorsement, for an additional premium. C) Scheduled personal property endorsement. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ Advertisement Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. C. Vermin The election process for the Academy Awards (for films) involves several stages and several different voting methods. C. It covers injury to an employee, as well as attendees, arising out of day care operations A. C. buildings At a .05 level of significance, do the sample data justify the conclusion that the variance in stopping distances on wet pavement is greater than the variance in stopping distances on dry pavement? D. A speaker system installed in the insured's car. 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. The insured's tenant -- Tenants must acquire their own insurance to cover their personal property and liability. Round to the nearest dollar. Policyholders wishing to guard these and other items should purchase additional coverage with a scheduled personal property policy. $2,500 An insurer is not required to accept any property that an insured has Abandoned Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. 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. The personal injury endorsement can be added to a homeowners policy to protect the insured from injuries to others caused by, What damage is specifically excluded under the personal property coverage in the HO-3 special form, Additional coverages in the homeowners policy, Fire department service charge A. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. B. A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. 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. (Round to the nearest cent. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: Some companies may even cover your personal property if damage occurs when you are away from home, but there may be a limit on the dollar amount of coverage. A day care employee is covered --- Injury to any employee arising out of the day care business is not covered. This basic homeowners insurance policy only covers losses caused by a peril named in the policy. Accessed Oct. 15, 2021. How can government use taxes to reallocate the use of resources in the economy? D. Installation Floater, Tourist luggage is insured by which floater? B. basic 70% of the replacement cost. C. Contractor's Equipment Floater A rare and expensive gun was stolen from it. On a standard homeowners policy, coverage divides into categories including. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. A. Personal Articles Well not relieve the insure of its policy obligations Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. C. a home under construction that the owner intends to occupy Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. 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. Property damage coverage included damage from insects, weathering, and wear and tear. A. Dwellings under construction are covered for theft B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? A. Damage caused intentionally by the insured's 10-year-old son Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. Get home insurance quotes for scheduled personal property coverage Compare rates B. D) Personal property replacement cost endorsement. Describe the procedure and comment on its fairness. B. provides all-risk coverage. D. Territorial Limits. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item. 45 What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount?
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