How big are the banks excess reserves? Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. C. The insured's tenant 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? 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. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. Which of the standard homeowners policies includes malicious mischief as a named peril? How much money would she have to earn each year before it was considered a business activity under a homeowners policy? One classified ad lists a job that pays 64.6K. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. The required reserve ratio is 10 percent. C. Vermin Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? Damage to these items is not covered if caused by. C) the neighbor's medical expenses. The land on which the dwelling is located --- While vacant land is included in the definition of 'insured location,' for the purposes of liability coverage, no property coverage is provided for land under the Homeowners policy. Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. \begin{matrix} These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. Kevin came home from work to find that his house had been vandalized. 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. Which of the following is true regarding the HO-3 (Special Form)? Cassie notices that a Scheduled Personal Property Endorsement (HO 04 61) is attached to her homeowners policy. \text{\$25.000} & \text{2.1\\% compounded monthly} & \text{64 mo} & \text{d.}\\ 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. The court orders that the animal be put to sleep. The amount specified for this ring in the schedule is $2,000. B. Unscheduled Personal Property Coverage Covered up to 10% if kept at a location other than the main residence True or False The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not True The permitted incidental occupancy endorsement 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. 1,500 for jewelry; $2,500 for theft of firearms. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. 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. The homeowners policy contains which of the following types of insurance coverage? The police arrested the worker and returned the stolen property, including Laura's one emerald earring. Under what section of her homeowners policy is the pool insured, if at all? B. Which of the following would not be included in the meaning of 'insured' in a homeowners policy? A research hypothesis is that the variance of stopping distances of automobiles on wet pavement is substantially greater than the variance of stopping distances of automobiles ondry pavement. Under an HO-3 policy, what is the coinsurance requirement? Yvette's diamond ring is listed in the schedule of the Scheduled Personal Property Endorsement (HO 04 61) attached to her homeowners policy. What is his objection to actual cash value and what, if anything, can he do about it? 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. A. breakage What does the representative tell them? The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. Determine the number of times interest charges are earned for 2014 and 2013. - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. Which of the following would not be covered under Coverage B ' Other Structures in a homeowners policy? Mr. Yerby purchased a homeowners policy to provide insurance for personal liability and the belongings in his apartment. B. an open perils (all-risk) basis. reasonable repairs Per person -- Medical payments coverage for all types of policies pays on a 'per person' limit, 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. Coverage A under the Homeowners Policy includes coverage for which of the following? \text{\$200} & \text{2\\% compounded annually} & \text{2 yr} & \text{a. Personal property coverage is designed to help protect your belongings. D. Coverage is not provided to a garage rented for private garage purposes. The following options are available to the insurer EXCEPT: Pay the total cash value of the pair of earrings prior to the loss divided by two. D. The Damage to Property of Others duplicates coverage that is included in Section I. A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. Personal Articles The personal injury liability endorsement to a HO policy to all the following EXCEPT: A. Slander B. C. $250 (Round to the nearest cent. Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. Liability for loss to use of another's property Another job he found has a weekly salary of $1,120. The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. Liability coverages are set forth in Section II of the Policy. With actual cash value, loss is depreciated based on age and condition. Coverage does not apply to property damage covered under Section I of the policy. Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. Which of the following is true concerning the Home Day Care Coverage Endorsement to the Homeowners Policy? You may not realize the value of what you own until your home is damaged or vandalized. replacement cost coverage is available by endorsement, for an additional premium. `Lisa lost one of her emerald earrings. Coverage C of a Homeowners Policy includes: An owned camera used by the insured while on vacation in another country --- Property not covered under Coverage C includes animals, aircraft, and vehicles registered for road use. 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. B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? Mrs. Delaney hired a contractor to build a deck on the back of her house. Under Coverage B -- Other Structures of the homeowners policy, which of the following structures are covered? It may provide protection in the event of a covered loss, such as theft or fire. - all relatives of the named insured who live in the same household Round to the nearest dollar. How Much Homeowners Insurance Coverage Do I Need? Installment Sales Floater lawnmowers, Bodily injury to others 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. Structures that are set apart from the dwelling by a clear space A. replacement cost coverage is available by endorsement, for an additional premium. D. Private structures owned by the insured at other locations. In an HO 3 policy, the definition of 'motor vehicle' includes automobiles and all of the following EXCEPT: All of the shrubbery and plants on Tippi's front lawn were destroyed by a windstorm. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. C. all-risk The Damage to Property of Others duplicates coverage that is included in Section I ---- The Damage to Property of Others Additional Coverage supplements the Property Damage Liability Coverage by providing limited Coverage for damage, caused by the insured, regardless of negligence. B. C) Scheduled personal property endorsement. What Coverage C special limit of liability applies to the loss? He also holds a bachelor's degree in electrical engineering from the Multimedia University of Kenya. C. homes 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 D. a good mood. Section II covers the neighbor's medical expenses and property damage losses. Having paid Mac's claim, the insurer is likely to do what with respect to the grill's manufacturer? The coverage for Damage to Property of Others excludes property that is covered in Section I What is the average rate at which the clerk sorts mail during the first 3 months on the job? Round to one decimal place. D. outboard motors and fishing tackle, Ocean Marine Insurance covers: The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. A HO-3 policy provides coverage on which basis? This year, $500,000\$ 500,000$500,000 is to be distributed. B. imports Which statement is true concerning Section II of a Homeowners Policy? Natalie offers to rent a room in her home to a local college student. The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. The pair of earrings cost $15,000 and was recently valued at $20,000. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence Joaquin wants both property and liability insurance in one policy. Which of the following is not covered if the insured has broad peril coverage? The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. A typical homeowners policy does not cover. While the HO 04 61-Scheduled Personal Property Endorsement provides much more coverage than an. 13 Q theft, Additional coverages found in all homeowners forms include, Debris removal Collapse (Is included in HO-2, 3, 4, 5, and 6, Which of the following coverages applies to personal property owned or used by an insured and is included in all homeowners policies. Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. Under what coverage part of her homeowners policy is the lumber insured? How does the homeowners policy limit coverage for these types of property? B. stamp and coin collections D. Coverage D of a Homeowners Policy covers additional living expenses. How can government use taxes to reallocate the use of resources in the economy? Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. To earn some extra money, Mrs. Holden babysits her next door neighbor's children on a regular basis in her own home. Personal property is covered worldwide. A. ), $74,850.0035,798.00\begin{array}{r r} What is it? A Personal Articles Floater: The diamond fell out of its setting and was lost. Coverage is provided to property of boarders not related to the insured On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Under Section II of the Homeowners Policy, an employee whose duties are related to the maintenance or use of the residence premises, is defined as: A residence employee - 'Residence employee' means any employee of an insured, whose duties are related to the maintenance or use of the residence premises. Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis. The policy could extend 50% personal property coverage, providing a max claims payout of $125,000. C. Medical payments will pay for a maximum of 1 year from the date of the accident Which of the following statements about coverage under the federal flood insurance . & \$74,850.00\\ Renters insurance can do more than help protect your property. B. basic Samuel has the 2011 edition of the ISO homeowners policy. D. jewelry, A dry cleaner delivering clothes to customers should get: detached shed from which a tool repair business is operated. Members of the family under the age of 24 living at school away from the home He is concerned that his homeowners policy will not provide enough coverage. Each insurance company will value your personal property differently. D . A) A duty to act, a failure to act, an injury to another person and an uninterrupted chain of events. On what form is his policy written? Personal property on most policies include clothing, shoes, furniture,appliances, and other items. B. 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. D. $1,000, Ocean Marine covers: A. B. Exhibition floater Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. He purchases a homeowners policy, which is essentially a. Jack and Mary rent a cabin for two weeks. Some possessions covered by a scheduled personal property endorsement include jewelry, coin collections, postage stamps, furs, antiques, guns, fine arts, silverware, and other items whose value exceeds what your regular homeowners policy covers. Costs the insured was already paying before incurring the loss are not covered. A floater can be used to insure each of the following except: A show dog subrogate the claim to seek recovery from the manufacturer. An insured has a personal property replacement cost endorsement under her homeowners policy. However, there are limits for the coveragevalue for eachitem. Under the HO-8 policy, the dwelling is valued on which basis? What Is Personal Property Coverage? The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. It includes various perils outside your typical dwelling coverage. C. a leased warehouse The peril causing this loss is malicious mischief. American Family Insurance. Personal Property Replacement Cost Loss Settlement. 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.