Which of the following statements about various coverages under a Personal Articles Floater is (are)true?
I.Each item of jewelry is described and is insured for a specified amount.
II.Stamp and coin collections can be insured on a blanket basis.

Question

Quizplus · Accepted Answer

Statement I is true. Personal Articles Floaters (PAF) are designed to provide coverage for specific high-value items like jewelry, furs, fine arts, etc. Each item is listed individually and is insured for a specific amount that is agreed upon between the insured and the insurer. This is known as scheduling the item.

Statement II is also true. Stamp and coin collections can be insured under a PAF on a blanket basis. This means that the collection as a whole is insured for a specified amount without listing each individual item separately. However, the insured must still provide the insurer with a detailed description of the collection, its estimated value, and any other relevant information.

Therefore, both statements I and II are true, making the correct answer choice C.

Which of the Following Statements About Various Coverages Under a Personal