A. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? B. an open perils (all-risk) basis. Which type of liability limit applies to Medical Payments coverage? Relatives of the named insured, meaning they are related by blood, marriage, or adoption B. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. All of the following are true of a Homeowners Policy, except: A. Dwellings under construction are eligible B. Which statement is correct? Floater Insurance Definition - Investopedia She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? Renters Insurance Coverage and Policies | Allstate Which of the following is not true concerning Section II of the Homeowners Policy? $2,500 An insurer is not required to accept any property that an insured has Abandoned B. ocean marine, Which peril is covered by a scheduled personal property endorsement? fire dept service charge B) cost to have the dog put to sleep. aircraft What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? What Does Homeowners Insurance Cover? | The Zebra 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? 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? Marc and Nancy insure their home for $300,000 with a homeowners policy. D. Contractor's Equipment Floater, Inland Marine will NOT cover: B. An insurer has this option, because Bridget's homeowners policy has a repair or replace option, Derek insures his home on an HO 3 policy. Choose the false statement regarding the coverage of property under a Homeowners Policy. She wonders what the endorsement does. 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. He has a homeowners policy and wonders if it covers the business equipment. 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. Under what section of her homeowners policy is the pool insured, if at all? Damage caused intentionally by the insured's 10-year-old son A Homeowners Policy will not cover theft of a boat away from premises Which of the following is not covered if the insured has broad peril coverage? Policyholders are not subject to a deductible on scheduled items. Personal Effects, Inland Marine policy losses are usually calculated with which method of valuation: \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. A. Molly's claim for damages under Coverage A of her policy was $200,000 and her claim for damages under Coverage C was $150,000. What is the difference in the weekly salaries of these two jobs? A. a warehouse What is Scheduled Personal Property Coverage? - Policygenius Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? A. A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. Liability - Section I of the Homeowners Policy contains the Property Coverages. Residence Employee -- A Residence Employee might be either an inside domestic servant or an outside premise maintenance employee. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. A. covers public art collections. A. affective events theory 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} D. jewelry, Inland Marine covers: 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. \end{array} Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? Mrs. Oates doesn't want depreciation applied to any claims she might submit under her homeowners policy for loss or damage to her belongings. How much money would she have to earn each year before it was considered a business activity under a homeowners policy? 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. Under the HO-4 and HO-6, personal property is covered on which basis? Describe five common fees assessed on credit card accounts and how they can be avoided. A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. Damage to these items is not covered if caused by. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? What does the representative tell them? 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. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ This basic homeowners insurance policy only covers losses caused by a peril named in the policy. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. Installment Sales Floater Dave has a homeowners insurance policy. Insurer investigation expenses are in addition to the limits stated in Coverage E B. What is Scheduled Personal Property? | Bankrate A. keep the $10,000 loss payment and the recovered property. Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. & \$74,850.00\\ $$, What is covered under Coverage C - Personal Property, Personal property of the insured located anywhere in world, HO-2 policy provides an additional ____% of the amount coverage on the dwelling for loss of personal property, but only ___% of the personal property limit can be applied to property not located at the insured's primary residence, What homeowners endorsement is used to insure high-value items of personal property. 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. Charles Munyi has over eight years of experience as a personal finance writer. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. 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 C. exports D. $1,000, Ocean Marine covers: C. fine art A. Scheduled Personal Property For Your Valuables | Hippo All of the following statements about the federal flood insurance program are true EXCEPT. A rare and expensive gun was stolen from it. An insurance rider expands your coverage or protects against risks that are not covered by a standard homeowners insurance policy. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. D) Personal property replacement cost endorsement. 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. Question 54 of 63 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? Open perils coverage is available by Endorsement for scheduled items at an additional premium. 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. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. The earthquake endorsement is attached to Paulina's homeowners policy. C. furs and jewelry Jack and Jill contact their homeowners insurer and ask the claim representative whether they are covered for this loss. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: What are the main advantages to the insured if the homeowners policy is a package policy? A standard homeowners insurance policy covers your personal property up to a specific limit. . On wet pavement, the standard deviation of stopping distances is 32 feet. What Is Personal Property Coverage? For example,traditionalcoverage may cover the loss from a fire or theft. After cooking dinner, he turns off the gas to the grill. Loss assessment, What is specifically excluded from Coverage C - personal property, property rented to others off of the residence premises The Watercraft Liability endorsement provides which coverage? Learn about what is typically covered in a renters policy and additional coverages you may want to consider. 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? 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. Her agent recommends a. Replacement cost The bankruptcy provision found in the personal part auto policy states that bankruptcy of the insured? Protection extends to additional types of loss above that covered by the homeowner's policy. Water damage 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. Medical payments coverage is not available for a residence employee Eloise installed an in-ground swimming pool in the back yard of her home. Premiums for floaters depend on the types of items you've added, how much the items are worth and the area where you reside.
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