Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. Other named peril losses are covered up to the Coverage C limit. Total liability coverage resulting from any one occurrence may not exceed the Coverage E limit that is stated in the policy Learn about what is typically covered in a renters policy and additional coverages you may want to consider. 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? Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. A typical homeowners policy does not cover. The property section of the homeowners policy excludes coverage for certain types of property. Inherent vice A scheduled personal property endorsement provides higher limits on expensive valuables and provides broader coverage than a standard policy. Which of the following is not covered if the insured has broad peril coverage? Installment Sales Floater Which statement is correct? B. stamp and coin collections A. 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. Natalie offers to rent a room in her home to a local college student. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? Coverage F limits are subject to a deductible - Section II coverages are not subject to a deductible. fire dept service charge Which of the following Coverages is not found under Section I of the Homeowners Policy? Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. Coverage D: Loss of Use, Coverage E: Liability B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. C. Medical payments will pay for a maximum of 1 year from the date of the accident However, there are limits for the coveragevalue for eachitem. A. The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. 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. It includes various perils outside your typical dwelling coverage. Laura's insurer paid $10,000 claim to reproduce the missing earring. Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. It extends Section II coverages to the insured's home day care business --- The Home Day Care Coverage Endorsement extends the coverage of the Homeowners Section II to the Day Care Business. $26,250 ---- The Coverage B total is $25,000, and the policy allows for an additional 5% for debris removal: $25,000 + 5% or $1,250 = $26,250. B. mariners Fred and Sharon live in an older home whose replacement cost far exceeds its market value. Caterpillar had no preferred stock outstanding. People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. A. A. buildings She wonders what the endorsement does. Retrieve copies of either the receipts or appraisals of each item. A. barratry Personal Effects, Inland Marine policy losses are usually calculated with which method of valuation: - does not cover a detached garage used for business, Under the special limits of liability section, the policy limits loss of theft of jewelry, watches, furs, and precious and semiprecious stones is $_____, The loss settlement provision of homeowners policies require that the insured carry a limit of insurance at least equal to, 80% of the full replacement cost of the dwelling. Of the following statements concerning Homeowners policies, which is correct? However, he worries that loss to his personal property will be adjusted on an actual cash value basis. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. They believed that they did not get enough for this property because the settlement was based on actual cash value. trees, shrubs, plants An insured has a personal property replacement cost endorsement under her homeowners policy. What Coverage C special limit of liability applies to the loss? replacement cost coverage is available by endorsement, for an additional premium. Note: We don't currently offer the ability to schedule property, but stay tuned! D. jewelry, A dry cleaner delivering clothes to customers should get: Sandy and Stewart had a fire loss, and the insurance company reimbursed them for their damaged personal property. C. exports A. replacement cost Today, it's replacement value is $60K. A. ships' cargo C. Fine art floater Open perils coverage is available by Endorsement for scheduled items at an additional premium. includes: A windstorm damages Tyrone and Belinda's garage and screened-in porch. Its only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts. Under what section of her homeowners policy is the pool insured, if at all? & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ B. a mobile home that is owner-occupied What homeowners form would be most appropriate for their insurance needs? explosion For example, this endorsement wont cover property damage due to normal wear and tear, or loss caused by corrosion or rust. C) the neighbor's medical expenses. D. Any person legally responsible for watercraft owned by an insured. Covered up to 10% if kept at a location other than the main residence, True or False B. covers private art works. A) 5% of the Coverage A limit. `Lisa lost one of her emerald earrings. 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? Which of the following statements about coverage under the federal flood insurance . - &35,798.00\\ \hline All of the following definitions are true of a Homeowners Policy, except: Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? A note for $3500\$ 3500$3500 was made at 8%8 \%8% per year compounded annually for 333 years. Damage caused intentionally by the insured's 10-year-old son lawnmowers, Bodily injury to others 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. A rider is an insurance policy provision that adds benefits to or amends the coverage or terms of a basic insurance policy. Kevin is looking for a job as a piano technician. A. An insurer is not required to accept any property that an insured has. When two earthquakes occur within a 24-hour period, how does her policy consider the two earthquakes? 4.3.3 Workers Compensation Premium Computation, PI: 3.5.1 & 3.5.2 Farm Insurance Coverage / L, PI: 3.6.1 National Flood Insurance Program (N, PI: 3.7.1 Regulation of Property Insurance, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. C. buildings All of the following would be included in the definition of 'insured location', except: A 5-family dwelling in which the insured lives in one of the units, including the structures and grounds ----Eligible residential dwellings are those containing one to four residential units and no more than 2 roomers or boarders per family. B. provides all-risk coverage. The court orders that the animal be put to sleep. Functional Replacement Value - Functional replacement cost is the cost to replace the damaged property with property that performs the same function, but is not like-kind or quality. Which statement is true concerning Coverage D of the Homeowners Policy? D) damage to the neighbor's clothing. C. Payment under Damage to Property of Others is made regardless of negligence The amount specified for this ring in the schedule is $2,000. C) The criminal, the crime, a police officer and a court of law. D. leased buildings, Each of the following is a Personal Floater EXCEPT: A. What are the implications of your statistical conclusions in terms of driving safety recommendations? American Family Insurance. Since coverage is so broad, HO-3 is the most popular type of coverage for owner-occupied single-family homes. The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. 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. riot A. birthday gifts Determine the number of times interest charges are earned for 2014 and 2013. C) Scheduled personal property endorsement. 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. In addition, it provides personal liability coverage. Most Personal Articles Floaters are written on: Home-Based Business Insurance: What It Is, Costs, and Companies, Home Daycare Insurance: What It Is, Costs, and Companies. \text { Average number of common shares outstanding } & 617.2 & 645.2 & 652.6 How Much Homeowners Insurance Coverage Do I Need? 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} A. Detached private structures on the residence premises Jack knows that his homeowners policy pays for damage to the home on the basis of replacement value. Take pictures of all items and receipts, and send them to your insurer. Property damage of another caused by the insured, The comprehensive HO-5 policy is a _____ perils contract on personal property, structures on the premises set apart from the dwelling by a clear space, What is not covered by coverage B - other structures, - does not cover other structures rented to others for other than a use as a private garage Understanding Scheduled Personal Property, How Scheduled Personal Property Coverage Works, Property Insurance: Definition and How Coverage Works, What Is Personal Liability Insurance? "Personal Property Home Inventory."
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