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 how much would Mark receive:
Homework Answers
Yes,
Mark would receive $10,000 since the insurance covers $100,000 on personal property.
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Mark has a Homeowners 3 (special form) policy that provides
$120,000 of insurance on his dwelling...
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...
A homeowners' policy will typically pay up to $500 per plant that is damaged by a...
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1. How Much of Fire Loss Will Be Covered? Toula and Ian Miller of Gainesville, Florida,...
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A homeowners' policy will typically pay up to $500 per plant that is damaged by a covered peril. This is an example of: an aggregate dollar limit an open perils dollar limit C. a specific dollar limit a mixed dollar limit none of the above e. You purchase an annuity for which you will make one payment of $15,000 on your 50 birthday. The annuity will start paying you $400 a month on your 67" birthday until you die. What...
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....
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