Which of these is the best description of the "special" (HO-3) homeowners insurance policy? It offers...
Which of these is the best description of the "special" (HO-3) homeowners insurance policy?
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It offers extensive coverage for your home and also includes personal property and liability protection
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It's the most comprehensive policy available, covering even flood damage Continue
Homework Answers
Option 1. It offers extensive coverage for your home and includes personal property and liability protection.
Explanation: It is the most commonly used and basic policy. However, it is not the most comprehensive policy.
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Which of these is the best description of the "special" (HO-3) homeowners insurance policy?
It offers...
Mark has a Homeowners 3 (special form) policy that provides $120,000 of insurance on his dwelling...
Mark has a Homeowners 3 (special form) policy that provides $120,000 of insurance on his dwelling and $100,000 on personal property. The replacement cost of the home is $200,000. Assume the coinsurance requirement is 80% and ignore any deductible. Treat each case separately 3. While Mark and his wife are on vacation, a thief breaks into their home and steals $10,000 worth of jewelry. (1 point) Would it be covered by Mark’s policy? (circle one) Yes No If yes, explain...
Jim and pam halpery insured their home and personal property under and unendorsed Homeowners 3 (H...
Jim and pam halpery insured their home and personal property under and unendorsed Homeowners 3 (HO-3) policy. the home has a replacement cost of 150,000. The policy contains the following deductable and limits: Deductible 1% coverage a 150,000 coverage b 15,000 coverage c 75,000 coverage d 45,000 Is this claim covered? if so, which coverage applies? what is the amount payable under the policy? As a result of the fire, the halperts have to rent an apartment for five months...
1. How Much of Fire Loss Will Be Covered? Toula and Ian Miller of Gainesville, Florida,...
1. How Much of Fire Loss Will Be Covered? Toula and Ian Miller of Gainesville, Florida, recently suffered a fire at their home. The fire, which began in a crawl space at the back of the house, caused $50,000 of dam- age to the dwelling itself. Their ued at $20,000, was totally destroyed but did not contain a car at the time of the fire. Replacement of the Millers' personal property damaged in the home and garage amounted to $23,000....
38) - JULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the...
38) - JULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the quest 38) An individual who purchases an insurance policy is called A) The insurance company. B) A policyholder. C) A victim. D) An employer. E) An insurer. 39) 39) What is the fee that a policyholder pays when an insurance company agrees to take on the risk? A) Coverage B) Insured C) Peril D) Risk E) Premium 40) 40) The most common risks are...
Stephen Bjork's insurance policy reads as follows: Coverage; Limits Bodily Injury/Property Damage $250,000/$500,000/$100,000 Personal Injury Protection...
Stephen Bjork's insurance policy reads as follows: Coverage; Limits Bodily Injury/Property Damage $250,000/$500,000/$100,000 Personal Injury Protection $150,000 Per-Person Uninsured Motorist $100,000/$300,000 Physical Damage: Collision Comprehensive Deductible = $1,000 Deductible = $500 Emergency Road Service Up to $95 Rental Reimbursement Up to $25 per-day, $750 maximum He hits a guardrail out on the highway in Canada. He is slightly injured and his medical bills total $1,200. The damage to the guardrail costs $8,669 to repair. How much will his policy pay...
Paul has his home and its contents insured under a Homeowners 3 (special form) policy. He...
Paul has his home and its contents insured under a Homeowners 3 (special form) policy. He carries $160,000 of insurance on the home, which has a replacement cost of $200,000. Explain the extent to which each of the following losses is covered. (Ignore thedeductible.) If Paul’s policy does not cover the loss or inadequately covers any of these losses, show how full coverage can be obtained.a. Paul’s stamp collection, which is valued at $5000, is stolen from his home.b. Teenage...
Read and complete the following statements regarding the coverages provided by the PAP. • Insurance companies...
Read and complete the following statements regarding the coverages provided by the PAP. • Insurance companies can express their liability coverage using either a combined limit or split limits. If a split limit is used, such as $100,000/$300,000/$100,000, then the third term in the limit expresses the maximum dollar amount that the insurance company will pay for the maximum amount paid for all vehicles damaged in the accident Most states allow you, as a poli each person's bodily injury expenses...
Stephen Bjork's insurance policy reads as follows: Coverage; Limits Bodily Injury/Property Damage $250,000/$500,000/$100,000 Personal Injury Protection...
Stephen Bjork's insurance policy reads as follows: Coverage; Limits Bodily Injury/Property Damage $250,000/$500,000/$100,000 Personal Injury Protection $150,000 Per-Person Uninsured Motorist $100,000/$300,000 Physical Damage: Collision Comprehensive Deductible = $1,000 Deductible = $500 Emergency Road Service Up to $95 Rental Reimbursement Up to $25 per-day, $750 maximum He hits a deer that jumps out in front of his car. His car will cost $10,676 to repair. His medical bills from this accident run at $1,500, it costs $82 to tow his car...
TRUE/FALSE. Write T if the statement is true and if the statement is false. 25) Insurance...
TRUE/FALSE. Write T if the statement is true and if the statement is false. 25) Insurance is protection against possible financial loss. 26) Defective house wiring is a hazard that increases the chance that a fire will start. 27) An example of a peril is a robbery. 28) Risk management is an organized plan for protecting y property. for protecting yourself, your family, and your 29) Once a risk management plan is put into action, needs change. It should remain...
Some common liability risks include: Question 16 options: 1) driving a car. 2) Entertaining guests at...
Some common liability risks include: Question 16 options: 1) driving a car. 2) Entertaining guests at home. 3) being careless in performing professional duties. 4) all of the above 5) none of the above Question 17 (0.5 points) Which of the following types of plans pay for some medical costs even when the insured decides to go out of the provider network (without a referral) for services? Question 17 options: 1) HMO 2) IPA 3) PPO 4) POS 5) c...
1. How Much of Fire Loss Will Be Covered? Toula and Ian Miller of Gainesville, Florida, recently suffered a fire at their home. The fire, which began in a crawl space at the back of the house, caused $50,000 of dam- age to the dwelling itself. Their ued at $20,000, was totally destroyed but did not contain a car at the time of the fire. Replacement of the Millers' personal property damaged in the home and garage amounted to $23,000....
38) - JULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the quest 38) An individual who purchases an insurance policy is called A) The insurance company. B) A policyholder. C) A victim. D) An employer. E) An insurer. 39) 39) What is the fee that a policyholder pays when an insurance company agrees to take on the risk? A) Coverage B) Insured C) Peril D) Risk E) Premium 40) 40) The most common risks are...
Read and complete the following statements regarding the coverages provided by the PAP. • Insurance companies can express their liability coverage using either a combined limit or split limits. If a split limit is used, such as $100,000/$300,000/$100,000, then the third term in the limit expresses the maximum dollar amount that the insurance company will pay for the maximum amount paid for all vehicles damaged in the accident Most states allow you, as a poli each person's bodily injury expenses...
TRUE/FALSE. Write T if the statement is true and if the statement is false. 25) Insurance is protection against possible financial loss. 26) Defective house wiring is a hazard that increases the chance that a fire will start. 27) An example of a peril is a robbery. 28) Risk management is an organized plan for protecting y property. for protecting yourself, your family, and your 29) Once a risk management plan is put into action, needs change. It should remain...
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