A real estate broker insures an office building for $500,000 under a Building and Personal Property Coverage Form with a Causes of Loss-Broad Form attached. If smoke from a nearby industrial factory enters the office building and causes $10,000 in damage to the interior, the policy will pay a MAXIMUM of which of the following amounts? a. $0 b. $1,000 c. $5,000 d. $10,000

A real estate broker insures an office building for $500,000 under a Building and Personal Property Coverage Form with a Causes of Loss-Broad Form attached. If smoke from a nearby industrial factory enters the office building and causes $10,000 in damage to the interior, the policy will pay a MAXIMUM of which of the following amounts? a. $0 b. $1,000 c. $5,000 d. $10,000

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter10: Protecting Your Property

Section: Chapter Questions

Problem 4FPE

See similar textbooks

Similar questions

An earthquake does $5,000 in damage to a property covered under a dwelling policy. In addition to the initial earthquake damage, the tremors cause a gas main explosion, causing an additional $2,500 in damage to the insured property. How much will the insurer pay? AO Nothing BO $2,500 CO $5,000 DO $7,500
Assume a Homeowners 3 policy insures the dwelling for $600,000. The home has detached structures, personal property and potential loss of use costs, each of which is equal to or greater than the amount covered by the HO-3 policy. The total possible property loss liability (covered amount, ignore deductibles) for this homeowners insurance company is: $600,000 $660,000 $720,000 $900,000 $960,000 $1,140,000
For each of the following situations, what amount would the insurance company pay? (L° L08.2) Wind damage of $1,835; the insured has a deductible of $500. Theft of a stereo system worth $4,000; the insured has a deductible of $500. Vandalism that does $425 of damage to a home; the insured has a deductible of $500.
If a homeowner's insurance had a replacement cost policy that covered damage to the home and the home was completely destroyed, what amount would the insurance company cover based on the following: - home depreciated value before the damage was $100,000 - home value to rebuild is $150,000 - home mortgage $120,000 - value of neighbour's home $130,000
PLS HELP ASAP
3
You have an HO policy with the following limits: A $75,000 (dwelling) B-$ 7,500 (other structures) C-$25,000 (personal property). A tornado strikes your property. You lose your house, which is worth $65,000 at the time of the loss. You also lose an unattached shed worth $8,000, and personal property worth $30,000. You will collect? (assume $0 deductible, ignore the ACV calculation and assume there is no fraud or other unusual circumstances surrounding the loss.) OA$107,500 OB. $97,500 OC.$103,000
help asap
Suppose burglars trashed your apartment and stole your personal property. Your rent is $350 per month and you had to live in another apartment house for two months while the landlord had the apartment put back into livable condition. Under which section of an HO policy would you be covered and how much would you recover because of the move? A) Section I coverage C, $350 B) Section I coverage C, $700 C) Section I coverage D, $350 D) Section I coverage D, $700 E) Section II coverage, $350
You have a homeowner's policy with $120,000 coverage, a $1,000 deductible, and required coverage of 80 percent of the replacement cost. Their home recently suffered extensive fire damage in the amount of $92,000. Assuming the replacement value of the home was $160,000, how much will the insurance company pay on this loss? O $73,600 $68,000 $86,250 $85,300 $92,000
А. Place an "X" in the blank for the following items which you believe should be included in the cost of a piece of equipment? 1. Purchase price 2. Sales tax 3. Electricity to run the equipment 4. Installation cost 5. Insurance while being transported 6. Insurance while in use 7. Freight charges В. Your company signed a contract to construct a new building so you borrowed $600,000 on February 1, 2021 and issued a three-year, 6% note which pays interest annually. You spent $200,000 for construction on April 1, 2021 and an additional $300,000 on November 1. How much interest should be capitalized in 2021? Please show your calculations. С. Your company spent $30,000 for repairs and modifications to significantly increase the life of your equipment. What entry should be made for the $30,000? D. You bought equipment on January 1, 2018, for $62,000. The equipment has an estimated life of 8 years and an estimated salvage value of $6,000. Your company uses the straight- line method of…
Please show calculation of cost of the building thanku