Study #7: Endorsements and Floaters

Question 1

Endorsement

Answer 1

An amendment added to a written document, particularly an agreement between parties, altering its provisions.

Question 2

Manuscript Wording

Answer 2

Policy wording that does not conform to the standard wording in general use within the insurance industry and that is unique to the policy involved.

Question 3

Floater Policy

Answer 3

Additional coverage for movable items, like jewelry or antiques, beyond what’s included in the basic homeowners policy. Also called a “rider” or “endorsement.” A policy designed to cover property that floats, or moves, from location to location.

Question 4

Schedule of Insurance

Answer 4

A list of items individually covered by a policy; for example, a list of jewels under a jewelry floater, a list of cars under one automobile policy, or a list of buildings under a fire policy.

Question 5

Personal Articles Floater

Answer 5

A policy that covers certain kinds of personal property in a principle residents more broadly or for higher limits than do policies, such as a homeowner’s policy, of more general scope. A property appraisal is often required.

Question 6

Marine Survey

Answer 6

Appraisal of a boat for value, mechanical condition, safety, and evidence of damage.