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the scheduled personal property endorsement quizlet

What are the implications of your statistical conclusions in terms of driving safety recommendations? Homeowners Policies Flashcards | Chegg.com The HO-5 personal property coverages are insured on which basis? CA Personal Lines Flashcards | Allstate Personal property coverage is designed to help protect your belongings. \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. C. Inherent Vice Wisconsin Office of the Commissioner of Insurance. \begin{matrix} D. The Damage to Property of Others duplicates coverage that is included in Section I. Under the HO-8 policy, the dwelling is valued on which basis? subrogate the claim to seek recovery from the manufacturer. In addition, it provides personal liability coverage. It may provide protection in the event of a covered loss, such as theft or fire. 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. B. Dwellings under construction are covered for theft $2,500 for theft of firearms c. $500 for business personal property on the insured premises d. $1,500 for securities, accounts, deeds, and evidences of debt c. $500 for business property C) No coverage is available. Molly also has a $2,500 scheduled personal property endorsement covering her jewelry. A. a duplex that is owner-occupied C) The criminal, the crime, a police officer and a court of law. 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. What limitations, if any, apply to cash and securities? Your insurance companys underwriting team will review and get back to you with the status of your request. B. a mobile home that is owner-occupied The coverage will pay for any increase in living expenses required to maintain the insured's normal standard of living - Coverage D is intended to pay only the increase in the insured's normal living expenses occasioned by the loss. Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. A. 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. For example, a CSR could use one of the following endorsements to provide coverage for an insured's expensive jewelry: Scheduled Personal Property Endorsement (HO 04 61 05 11) or Scheduled Personal Property Endorsement (With Agreed Value Loss Settlement) (HO 04 60 05 11). A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? Scheduled Vs. Unscheduled Personal Property Coverage | Grange Insurance 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. What are the main advantages to the insured if the homeowners policy is a package policy? A. Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? The insurance company says it will replace the watch instead of making a loss payment. Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. 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? 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. How would a covered loss to their home be settled or adjusted? D) An insured, an agent, an insurer and a claim. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. \end{array} Coverage for business property on the premises is limited to $2,500; away from the premises the limit is $1,500. replacement cost coverage is available by endorsement, for an additional premium. The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. Homeowners' Endorsements- the Details Make the Difference Under the unendorsed Homeowners Policy, jewelry is covered up to what amount? 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 Which of the following additional coverages is only included in certain homeowners forms? Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. An insurance endorsement is a change to your insurance policy, such as an addition of coverage. D. a townhouse that is owner-occupied, Loss arising out of acts the insured expects or intends is excluded under both Coverage ___ and Coverage ___, What is true regarding personal liability coverage, It is added by endorsement to the dwelling policy, but automatically included in the homeowners policy, Coverage E - Personal Liability provides coverage to the insured if, a claim is made or a sit is brought against the insured for damages because of bodily injury to property damage to others, Additional coverages for coverage A for trees, shrubs, plants, or lawns, loss caused by: Bart keeps a dog that is known in the neighborhood to be vicious. Commercial floaters cover: With actual cash value, loss is depreciated based on age and condition. Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. Other named peril losses are covered up to the Coverage C limit. 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. The coverage for Damage to Property of Others pays the replacement cost of the property damaged up to $1,000 per occurrence But here are the steps you can take to get the right amount of scheduled personal property insurance: You may need to take a picture of your item on top of the appraisal or receipt if youre insuring jewelry. Which of the standard homeowners policies includes malicious mischief as a named peril? Coverage C: Personal Property Under an HO-3 policy, what is the coinsurance requirement? Scheduled Personal Property | Definition | Kin Insurance Which of the following is not covered if the insured has broad peril coverage? B) cost to have the dog put to sleep. $100 Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? Learn how coverage works. The land on which the dwelling is located A. Physicians and Surgeons Floater A. Which form is designed for the unit-owner of a condominium? Accessed Oct. 15, 2021. A standard homeowners insurance policy covers personal items up to a specific dollar limit, beyond which an insurance company won't compensate you in the event of a loss. D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: Victoria is considering purchasing a condominium unit and asks her insurance agent what type of homeowners policy would be best for her. Unit 8 Quiz Flashcards by Silvia Sanchez | Brainscape Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. Under a Homeowners policy, Coverage B is what percentage of Coverage A? She resides in one unit, her parents in another unit, and each of her three siblings lives in their own unit. 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. If a policy has a replacement cost of $250,000, the maximum personal property coverage would be $187,500 75% of $250,000. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? Well not relieve the insure of its policy obligations A. inland marine True or False? A) Special limits of liability. A. Costs the insured was already paying before incurring the loss are not covered. Choose the true statement concerning Homeowners Policies. A standard homeowners policy typically includes coverage for: Homeowners policies typically pay a percentage of your dwelling coverage limit to repair or replace your clothes, furniture, and other personal property. What is the average rate at which the clerk sorts mail during the first 3 months on the job? motorized wheelchairs C. Damage to property owned by the insured B. imports and exports Policyholders receive a full copy of their policy, which usually runs at least 20 pages. The markings on the door did not permanently damage it but the door required cleaning and minor repair work. A. damage to the property of others, Determinants of eligibility for coverage under each homeowner form, dwelling type In some situations, property owned by others may also be covered under a standard policy.

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