Which one of the following statements is correct with respect to the Building and Personal Property Coverage Form's (BPP) coverage for personal property of others? The BPP specifically excludes coverage for businesses (bailees) that have customers' property in their custody, such as laundries, dry cleaners, appliance repair shops, and furniture upholstery shops. Coverage protects the insured while the property is in or on the building described in the declarations or within 100 feet of either the building or structure, whichever is greater. The BPP covers personal property of others while it is located anywhere in the world. Coverage for personal property of others applies only if the insured is legally responsible for the damage.

Which one of the following statements is correct with respect to the Building and Personal Property Coverage Form's (BPP) coverage for personal property of others? The BPP specifically excludes coverage for businesses (bailees) that have customers' property in their custody, such as laundries, dry cleaners, appliance repair shops, and furniture upholstery shops. Coverage protects the insured while the property is in or on the building described in the declarations or within 100 feet of either the building or structure, whichever is greater. The BPP covers personal property of others while it is located anywhere in the world. Coverage for personal property of others applies only if the insured is legally responsible for the damage.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter12: Nonrecognition Transactions

Section: Chapter Questions

Problem 27P

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The standard homeowners policy contains both property and liability coverages. True or False
What type of property insurance would cover injury to a repairperson on your property? A. Additional living expenses coverage B. Damage to home or property insurance cover C. Personal liability coverage
All of the following are covered under "Coverage D: Loss of Use" of the Homeowners 3 policy EXCEPT a. Additional living expenses if the home cannot be used because of loss from an insured peril. O b. The cost to repair or replace property destroyed by a covered peril. c. Loss of rent if part of the premises rented to a boarder cannot be used. O d. Additional living expenses if the home cannot be used because of the order of civil authority.
In California, by statute, the seller(s) of residential real property must make each of the following disclosures to the buyers(s), in writing, except a. Natural Hazard Disclosure statement. b. Lead-Based Paint Disclosure statement. c. Assessment District Disclosure statement. d. Criminal Rehabilitation Facility Disclosure statement.
Homeowners insurance provides coverage for: Damages that the insured becomes legally obligated to pay because of bodily injury or property damage. Perils not named in a named peril policy. The insured's personal, nonbusiness activities that occur anywhere. Damages resulting from intentional acts of an insured.
It would be the owner's responsibility in the management agreement to: Require the manager to keep insurance on the property Require the owner to carry insurance on the property Require the tenants to carry insurance on the property Make all parties carry indemnity insurance
When the taxpayer uses amounts received from the insurance company to restore damaged property to its original condition, the expenditures the taxpayer's adjusted basis in the property.
Which of the following statements is correct about perils in property insurance policies? An (HO-2) form provides coverage for more perils than a (HO-3) Form. a Peril is defined as the cause of a loss A peril increases the chance of a loss a property insurance policy must contain a list of all cover perils
Losses due to destruction of personal property are covered by (choose the best answer) Personal insurance Liability insurance Property & casualty insurance Umbrella insurance
The owner of a property has never lived in the property but holds title. In this case, the owner is OA) required to deliver the Residential Property Condition Disclosure Statement to the buyer. B) not required to deliver the Residential Property Condition Disclosure Statement to the buyer. OC) exempt from the delivery of the form because he has never lived in the property. OD) exempt from the delivery of the form because he holds title.
In the context of home insurance coverage, it is correct to say that: * If damage from a fire or other event prevents the use of our home, the personal property coverage pays the cost of living in a temporary location while our home is being repaired. The main component of homeowner's insurance is protection against financial loss due to damage or destruction to a house or other structures. The additional living expenses coverage is related to the coverage of our household belongings, such as furnitire, appliances, and clothing. None of the other asnwers is correct.
When you purchase a(n) ________, you are obtaining an extension to a homeowner's insurance policy that provides coverage for all personal property regardless of where it is located. A) uninsured property addendum B) property addendum C) personal rider D) personal articles floater E) none of the above

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		The BPP specifically excludes coverage for businesses (bailees) that have customers' property in their custody, such as laundries, dry cleaners, appliance repair shops, and furniture upholstery shops.
		Coverage protects the insured while the property is in or on the building described in the declarations or within 100 feet of either the building or structure, whichever is greater.
		The BPP covers personal property of others while it is located anywhere in the world.
		Coverage for personal property of others applies only if the insured is legally responsible for the damage.