the scheduled personal property endorsement quizlet the scheduled personal property endorsement quizlet

Personal property on most policies include clothing, shoes, furniture,appliances, and other items. 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). Samuel has the 2011 edition of the ISO homeowners policy. 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. The Tuttles own a late-19th century Victorian home. What endorsements allows an insured to purchase coverage in excess of the special limits of liability contained in the homeowners policy for certain items of personal property'such as jewelry, fine arts, and musical instruments'and also broadens coverage? Structures rented to someone who is not a tenant for use only as a private garage. 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. B. | Allstate Personal property coverage is designed to help protect your 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. Property in transit. He is concerned that his homeowners policy will not provide enough coverage. Sandra, Lynn, and Carole inherited their family home from Mrs. North. 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? With actual cash value, loss is depreciated based on age and condition. A) Special limits of liability. Her jeweler will reproduce the lost earring for $10,000. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. `Lisa lost one of her emerald earrings. A windstorm damages Tyrone and Belinda's garage and screened-in porch. 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. Personal property is covered worldwide. Two years ago, the insured bought the home for $58K. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Unscheduled personal property refers to items that are covered by personal property coverage but have not been specifically itemized; these items are subject to the standard coverage limits. & \$74,850.00\\ C. Payment under Damage to Property of Others is made regardless of negligence For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. Which of the following property is covered under the Homeowners Policy? Their homeowners policy imposes certain duties on them when a loss occurs. A. Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy 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. On a standard homeowners policy, coverage divides into categories including. Installment Sales Floater D. The Damage to Property of Others duplicates coverage that is included in Section I. 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? 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. C. Coverage is not provided to a garage rented for private garage purposes - all relatives of the named insured who live in the same household Damage caused intentionally by the insured's 10-year-old son 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. A. 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. What limitations, if any, apply to cash and securities? trees, shrubs, plants Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. The court orders that the animal be put to sleep. 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 Izzy agrees to rent the room but is concerned about the valuable electronic equipment he owns. A. jewelry salesperson's sample case A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Which of the following is true regarding Section II of the Homeowners Policy? How does the homeowners policy limit coverage for these types of property? What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? If the shrubs in front of a house burn when the house catches fire, how much is the insured entitled to recover for the shrubs under his HO-3, 5% of the limit of Coverage A with a maximum of $500 for any 1 shrub, In the HO-4 and HO-6, the limit for trees, shrubs, or plants is __% of the coverage C limit or a maximum of $___ for one tree, plant, or shrub. It provides Commercial General Liability coverage for the day care operation "Scheduled Personal Articles Insurance Coverage." Charles completed the Good with Words: Writing and Editing Course through the University of Michigan. The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type D) Whatever it will reasonably cost. (Round to the nearest cent. Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. They are concerned about the extent of homeowners coverage for loss to the trees, shrubs, plants, or lawns on the premises. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. A. replacement cost coverage is available by endorsement, for an additional premium. A. breakage Bridget reported the theft of her Rolex watch to her insurance company. One day the dog attacks a neighbor while she is working in her own yard. What Coverage C special limit of liability applies to the loss? A. D. Contractor's Equipment Floater, Inland Marine will NOT cover: D. Lumber in the insured's yard to be used to build a deck off the kitchen. Scheduled personal property coverage is an endorsement that you can add to your home insurance policy to raise coverage limits for high-value items to ensure all of your belongings are fully protected no matter how or where they're damaged. B. Dwellings under construction are covered for theft Gabriella lives in a multi-unit dwelling. \end{array} An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. 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? B. covers private art works. Throwing cargo into the sea to save a sinking ship is: Scheduled Vs. Unscheduled Personal Property Coverage | Grange Insurance Association Grange Insurance Association's (GIA) Annual Policyholder Meeting will be held on Monday, March 20, at 10:00 a.m. Unscheduled personal property refers to items automatically covered by homeowners insurance without the need for an appraisal or receipt. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: B. gun collections Learn how coverage works. Liability coverages are set forth in Section II of the Policy. After cooking dinner, he turns off the gas to the grill. An insurer is not required to accept any property that an insured has. What is it? A. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Coverage D of a Homeowners Policy includes loss of income from an incidental business Fair market value Under the cancellation condition, the insurer can cancel for any reason with 10 days' written notice to the insured during, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. Invasion of privacy C. False Arrest D. A third party breaks a leg when the insured knocks him down . Personal Articles Damage to these items is not covered if caused by. 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. 1,500 for jewelry; $2,500 for theft of firearms. D. Installation Floater, Tourist luggage is insured by which floater? 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 The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. is the worlds leading manufacturer of construction and mining equipment. A. golf clubs A. replacement cost B. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. C. golf clubs Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. A pipe bursts in Martha's home and water damages the ceiling, walls, and floors as well as furniture and clothing. The peril causing this loss is malicious mischief. Personal Property Replacement Cost Loss Settlement. Which of the following endorsements to the Homeowners Policy adds coverage for injury resulting from libel, slander, false arrest, defamation, invasion of privacy and other such offenses that could result in a personal liability suit?