Juanita is the owner of a 30-year-old home, and is looking to buy a homeowner’s insurance policy. The previous home she owned was severely damaged by a tree falling through the roof, a peril that was not covered by her basic-form policy, therefore she is looking to buy a comprehensive policy that covers damage from all perils (except those specifically excluded). Based on the peril coverage it offers, she purchases an insurance policy.
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Juanita is the owner of a 30-year-old home, and is looking to buy a homeowner’s insurance policy. The previous home she owned was severely damaged by a tree falling through the roof, a peril that was not covered by her basic-form policy, therefore she is looking to buy a comprehensive policy that covers damage from all perils (except those specifically excluded). Based on the peril coverage it offers, she purchases an insurance policy.
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- Eleanor is the owner of a 15-year-old home, and is looking to buy a homeowner’s insurance policy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so on, she also wants insurance for damage caused by malfunctioning of internal structures like air conditioning or plumbing. Based on the peril coverage it offers, she purchases an _________ insurance policy. Her home has a replacement value of $250,000, therefore she insures her home for the minimum legal requirement of __________________. Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following: Damage to personal property: $ _____________________ Detached buildings: $_____________________ Loss of Use (Additional living expenses): $____________________ Property…Felix is a property claims adjuster for a large property insurer. Janet is a policyholder who recently notified the company that the roof of her home incurred substantial damage because of a recent hailstorm. Janet owns her home and has a standard Homeowner's policy with no special endorsements. What questions should Felix ask before the claim is approved for payment by his company.What Do You Recommend? George and Emily Cosgrove of Athens, Georgia, recently had a fire in their garage that destroyed two of their cars and did considerable damage to the garage and to the outside of their home. After receiving their reimbursements from their homeowner's and automobile insurance policies, the Cosgroves realized that they were severely underinsured. One vehicle was not insured for fire, and the insurance on their dwelling amounted to only 60 percent of its current replacement value. What do you recommend to George and Emily about managing property and liability risk regarding: 1. The risk-management steps they should take to update their insurance coverages?
- What Do You Recommend? George and Emily Cosgrove of Athens, Georgia, recently had a fire in their garage that destroyed two of their cars and did considerable damage to the garage and to the outside of their home. After receiving their reimbursements from their homeowner's and automobile insurance policies, the Cosgroves realized that they were severely underinsured. One vehicle was not insured for fire, and the insurance on their dwelling amounted to only 60 percent of its current replacement value. What do you recommend to George and Emily about managing property and liability risk regarding: 1. The risk-management steps they should take to update their insurance coverages? 2. The relationship between severity and frequency of loss when deciding whether to buy insurance?Antoine LaDuke suffered a major loss on his older home due to mud from a flood. Although he had homeowner's insurance, what was the probable reason he was not covered? A) His home was probably too expensive. B) His policy excluded flood-related damages. C) This is a personal liability issue. D) Older homes are excluded from flood-related damages. 29) Insurers in California are required to offer ________ coverage to consumers due to the substantial risk factors in that state.Marika Katz bought a new Blazer and insured it with only compulsory insurance 10/20/5. Driving up to her summer home one evening, Marika hit a parked car and injured the couple inside. Marika’s car had damage of $9,600, and the car she struck had damage of $7,900. After a lengthy court suit, the couple struck were awarded personal injury judgments of $15,900 and $6,900, respectively. What will the insurance company pay for this accident? What is Marika’s responsibility?
- François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and…lauren borrows Mary's car. Lauren has 25/50/25 limits, and Mary has 50/100/50 limits. Lauren, while driving Mary's car, hits a pedestrian, causing $60,000 dollars in medical expenses. How much will be paid by each insurer for this loss? explain why.Grandmother Smith is concerned about having an incapacitating illness that will prevent her from managing her finances. Grandmother Smith should execute a(n): Show Transcribed Text ง Homer is physically unable to sign his will. While he is heavily sedated and sleeping only a few feet away, Athena signs the will for him in the presence of a few friends. The next morning, Homer passes away. Athena wants to probate the will because she is the sole beneficiary. The will is valid.
- In early 2019, Cyndey Walters received a $2 million settlement as a result of suffering serious injuries in an accident on a construction site. As a result, she immediately quit her job as a plumber for a construction company and began to search for rundown houses in her neighbour hood that she could buy at a low price. Her objective was to bring her houses up to code (i.e., in accordance with building regulations) and then rent them to individuals who could not afford adequate housing. Cyndey charged just enough rent to cover the expenses of each house. By March 2020, she owned five houses that were rented to five families. She continued working part time as a plumber while she took courses toward a degree in social work. Cyndey came from a large family, many members of which were involved in construction. She called on her family for help when her tenants needed services, and they gave her a family dis- count for their services. In June 2021, she learned that the owner of two…George and Emily Cosgrove of Athens, Georgia, recently had a fire in their garage that destroyed two of their cars and did considerable damage to the garage and to the outside of their home. After receiving their reimbursements from their homeowner's and automobile insurance policies, the Cosgroves realized that they were severely underinsured. One vehicle was not insured for fire, and the insurance on their dwelling amounted to only 60 percent of its current replacement value. What do you recommend to George and Emily about managing property and liability risk regarding: 1. The relationship between severity and frequency of loss when deciding whether to buy insurance?Rosa Valencia has a personal automobile policy (PAP) with coverage of $25,000/$50,000 for bodily injury liability, $10,000 for property damage liability that includes coverage for her vehicle, $5,000 for medical payments, and a $500 deductible for collision insurance. How much will her insurance cover in each of the following situations? Will she have any out-of-pocket costs? Rosa loses control when she swerves to miss a dog on the street, running into a parked car and causing $5,300 damage to the unoccupied vehicle and $3,750 damage to her own car. Rosa pulls out in front of another car and causes a serious auto accident, badly injuring three people. The injured parties win lawsuits against her for $35,000 for one individual, and the other two passengers claimed $5,000 each ($10,000 total). Rosa’s 16-year-old daughter borrows her car. She runs off the road when texting while driving and causes $450 damage to the car.