Scott -
Dump it immediately! It's like the old sales trick of rust-proofing the undercarriage of your new car.
A couple aquaintances work at electronics stores and they said they get 80% of what they sell for extended warranties. Almost always it is covered by the manufacturer's standard warranty.
That's why they are so PUSHY about these warranties! I always tell them that I can't afford it. Then they tell you that if it breaks to just OPEN THE CASE will run you $500. Blah blah blah....
Bought a $300 Sony Camcorder five years ago and it has been humming along just fine. Your monitor will last for years.
My advice is to dump the policy and run with it.
Tommy