Problem 16: Your home insurance policy has a $500 deductible and provides cash value coverage n...
Problem 16:
- Your home insurance policy has a $500 deductible and provides cash value coverage n contents. If your home is over 25 years old and a small fire causes $16000 damage to it, what amount of the claim would the insurance company pay?
- Akika has no dependents, an annual income of $80000 and debt of $150000. How much insurance should she buy using the income method and a factor of 10?
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Problem 16:
Your home insurance policy has a $500 deductible and provides
cash value coverage n...
Problem 16 Your home insurance policy has a $500 deductible and provides cash value coverage on...
Problem 16 Your home insurance policy has a $500 deductible and provides cash value coverage on contents. If your home is over 25 years old and a small fire causes $16,000 damage to it, what amount of the claim would the insurance company pay? (Show your calculations)
Sandy has a $292,462 insurance policy with 80% coinsurance clause and a $1,000 deductible. She sustains...
Sandy has a $292,462 insurance policy with 80% coinsurance clause and a $1,000 deductible. She sustains $58,313 in fire damage to her home when it catches on fire after a lightning strike. It costs $289,285 to replace her home. She has a named storm deductible of 2%. How much will the insurer pay for her damage?
Granny Clampett's health insurance policy has a $500 annual aggregate deductible, and 80/20 cost sharing deductible,...
Granny Clampett's health insurance policy has a $500 annual aggregate deductible, and 80/20 cost sharing deductible, and a $5,000 maximum annual out-of-pocket cap of $5,000. She wrecks her Harley and breaks her hip, and her total medical bills for the injury are $122,721. How much will her insurer pay for this claim?
Karina has a health insurance policy that includes a deductible of $500 and a coinsurance of...
Karina has a health insurance policy that includes a deductible of $500 and a coinsurance of 20 percent. If her total bill is $3,200, how much will she be required to pay?
You have purchased a $25,000 Employee Theft policy with $500 deductible. During the coverage period you...
You have purchased a $25,000 Employee Theft policy with $500 deductible. During the coverage period you find out that one of your employees has stolen a $30,000 item from your company. How much would the insurance company pay you?
Marika Katz bought a new Blazer and has insurance coverage of 25/50/25 with $200 deductible for...
Marika Katz bought a new Blazer and has insurance coverage of 25/50/25 with $200 deductible for collision. Driving up to her summer home one evening, Marika hit a parked car and injured the couple inside. Marika’s car had damage of $8,800, and the car she struck had damage of $5,500. After a lengthy court suit, the couple struck were awarded personal injury judgments of $20,000 and $10,000, respectively. a. What will the insurance company pay for this accident? Amount paid...
Sarah's comprehensive major medical health insurance plan at work has a deductible of $400. The policy...
Sarah's comprehensive major medical health insurance plan at work has a deductible of $400. The policy pays 80 percent of any amount above the deductible. While on a hiking trip, she contracted a rare bacterial disease. Her medical costs for treatment, including medicines, tests, and a six-day hospital stay, totaled $9,440. A friend told her that she would have paid less if she had a policy with a stop-loss feature that capped her out-of-pocket expenses at $3,700. The policy with...
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....
You are considering the purchase of a simple insurance policy on your home. The annual premium...
You are considering the purchase of a simple insurance policy on your home. The annual premium is $1,500. For this simplified example, let’s assume that the probability of no loss occurring during the policy year is 95%. In that case, your net financial benefit is the full premium amount, so the net impact is -$1,500. The probability of a small loss ($1,000) is 3%, in which case your net financial impact would be -$500 (the premium you paid plus the...
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...
Sarah's comprehensive major medical health insurance plan at work has a deductible of $400. The policy pays 80 percent of any amount above the deductible. While on a hiking trip, she contracted a rare bacterial disease. Her medical costs for treatment, including medicines, tests, and a six-day hospital stay, totaled $9,440. A friend told her that she would have paid less if she had a policy with a stop-loss feature that capped her out-of-pocket expenses at $3,700. The policy with...
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....
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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