You may not realize the value of what you own until your home is damaged or vandalized. D. Coverage D of a Homeowners Policy covers additional living expenses. C. The insured's tenant On what form is Albert's homeowners policy written? Floater insurance is a type of insurance policy that covers personal property that is easily movable and provides additional coverage over what normal insurance policies do not. Medical payments coverage is not available for a residence employee You can add this endorsement to either a schedule or blanket farm personal property insurance plan to give you additional coverage from $5,000 to $100,000. C. a leased warehouse A Personal Article Floater can cover: 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. Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. Commercial floaters cover: 80% --- If Coverage A is less than 80% at the time of a loss to the dwelling, a penalty will be applied to the partial dwelling loss claim payment. B. Dwellings under construction are covered for theft A. occupancy (no more than 4), A homeowners policy insures the personal property of, - the named insured Scheduled personal property goes beyondthe coverage offered instandard homeowners' policies. The extent to which a person feels enthusiastic, active and alert is known as ________. keep the $10,000 loss payment and the recovered property. They believed that they did not get enough for this property because the settlement was based on actual cash value. A. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. 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. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. Standard policies do not cover all types of property and set limitations on the value amount the insurance company will pay for specific losses. 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. Although she is willing to accept the insurer's settlement offer for the ceiling, walls, and hardwood floors, she objects to the insurer taking into account depreciation of the furniture and clothing. 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. With actual cash value, loss is depreciated based on age and condition. Derek's agent tells him. A. Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. 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. D) Personal property replacement cost endorsement. Open perils coverage is available by Endorsement for scheduled items at an additional premium. Coverage may be increased beyond the $2,500 additional coverage (10.) Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? A. fur coats C. Fine art floater A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. Her agent recommends a. A floater can be used to insure each of the following except: The most common perils covered by an HO-1 policy include: Fire or lightning Smoke Windstorms or hail Explosion Aircraft Vehicles Vandalism Theft Few homeowners have this type of policy. D. Coverage is not provided to a garage rented for private garage purposes. Under a Homeowners policy, Coverage B is what percentage of Coverage A? She purchased the necessary lumber and it's piled in her back yard. 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 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 All of the following are true, except: 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. 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. 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. What homeowners policy form would best suit the Tuttles' needs. damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type 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. Water damage B. single family homes - all relatives of the named insured who live in the same household Complete the table to find the single deposit investment amounts. B. basic A scheduled personal property endorsement is an endorsement that allows certain property which might not be covered by a standard homeowners' insurance policy to be covered. B) cost to have the dog put to sleep. The factors involved in location decisions include. Scheduled personal property endorsement Crew of ships are covered by the? 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? Loss settlement is based on the actual cash value up to the amount listed on the endorsement. The right of privacy was not acknowledged as a separate right until the 1960s. What is it? Definition. B. Insects C. Residence employee -- An employee of an insured whose duties are related to the maintenance or use of the residence premises B. no, because damage to trees, shrubs, plants, or lawns is not covered if caused by a windstorm. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? Another benefit of a scheduled personal property endorsement is the extra coverage you would not have under standard personal property coverage. 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. Will this damage be covered by the Coverages A, B, or C of her HO 3 policy? Damage to these items is not covered if caused by. Iacouva Company reported the following on the companys income statement for 2014 and 2013: 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} Kevin came home from work to find that his house had been vandalized. A) 5% of the Coverage A limit. B. actual cash value, The least likely method of payment for loss under a Floater is: Which of the following would not be included in the meaning of 'insured' in a homeowners policy? Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. A. cattle shipped to market An insured has a personal property replacement cost endorsement under her homeowners policy. Which statement is true concerning Section II of a Homeowners 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. A Homeowners Policy will not cover theft of a boat away from premises What endorsement is used to provide open-perils coverage on a specific expensive piece of personal property? A rare and expensive gun was stolen from it. What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? Gabriella lives in a multi-unit dwelling. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. coverage for personal property located in a self-storage facility is limited to 10% of Coverage C or $1,000'whichever is greater. 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. Section II is the same in all Homeowners Forms - Since the liability exposures of individuals and families have little to do with their mode of residence, Section II is the same in all Homeowners Policy forms. Describe the procedure and comment on its fairness. 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. Learn about the differences between replacement cost and actual cash value on a homeowners insurance policy. What Does Homeowners Insurance Cover and Not Cover? The following are all additional coverages under a Homeowners Policy, except: Governmental Action - Governmental action is an exclusion; not an additional coverage. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. What Coverage C special limit of liability applies to the loss? 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? Property in transit. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. Liability coverages are set forth in Section II of the Policy. The property section of the homeowners policy excludes coverage for certain types of property.