Answered: A building worth $100,000 is insured…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A building worth $100,000 is insured for $60,000 under a policy with a 90% co-insurance clause. Fire damages the
building to the extent of $93,000. How much would the insurer pay?
OA) $48,000.00
OB) $50,000.00
OC) $60,000.00
OD) $62,000.00

Your insured asks if a cemetery plot he/she has just acquired is covered for Personal Liability under his/her
Homeowners Comprehensive policy. What would be your reply?
OA) A separate policy must be purchased.
OB) The policy can be endorsed to cover the additional location for a small additional premium.
OC) The Liability section of his/her policy automatically covers cemetery plots.
OD) There is no need for coverage since he/she has no liability for the plot.

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Your insured asks if a cemetery plot he/she has just acquired is covered for Personal Liability under his/her Homeowners Comprehensive policy. What would be your reply? OA) A separate policy must be purchased. OB) The policy can be endorsed to cover the additional location for a small additional premium. OC) The Liability section of his/her policy automatically covers cemetery plots. OD) There is no need for coverage since he/she has no liability for the plot.

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