Coastal General Insurance estimates a family's personal property originally cost $25,000. Due to inflation, replacement costs have increased by 18%. What would it now cost to replace the property?
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- If the Potinsky household spends $27,600 annually on all living expenses and long-term debt, calculate the amount recommend for an emergency fund. How might household circumstances, e.g., wage earners in the household, available credit, and type and stability of employment, affect this decision? The emergency fund amount would range from $? to $?. Round to the nearest dollar and enter the range from lowest to highest.If the Potinsky household spends $49,600 annually on all living expenses and long-term debt, calculate the amount recommend for an emergency fund. How might household circumstances, e.g., wage earners in the household, available credit, and type and stability of employment, affect this decision? 1. The emergency fund amount would range from $? to $?. Round to the nearest dollar and enter the range from lowest to highest. 2. The (higher/lower) the number of wage earners in the household, the (more/less) credit available, and the (higher/lower) the stability of employment; the higher the emergency funds should be.You decide to go into the earthquake insurance business. You offer to pay $250,000 to any insured person who experiences a "substantial" loss. If the probability anyone suffers "substantial" loss from a quake in any year is 0.4%, what annual premium should you charge so that your expected annual profit is $500 per policy?
- Reconstruction cost on your new home is $500,000. You decide to insure it for only what you paid for it - $375,000. 2 years later you have a $150,000 loss. How much will your insurance company pay? $125,600 O $140,625 $150,000 O $75,000Nikul1. has After moving, a homeowner's annual insurance premium increased from $480 to $710 per year. Calculate the due if there are 3 months left in the additional amount policy year. pay when 2. State two additional costs that a purchaser may have to purchasing a new home. Explain what these additional costs are. Use the chart below. Additional Costs Explanations
- 1. A 40 year old man in the U.S has a 0.242% risk of dying during the next year. An insurance company charges $260 per year for a life-insurance policy that pays a $100,000 death benefit. What is the expected value for the person buying the insurance? Round the answer to the nearest dollar.Break-A-Leg Insurance Company sells a $500,000 insurance policy to thespians for self-inflicted lower-body extremity injury. The premium for the policy is $150 per year. If the probability that an actor actually breaks their leg and is paid $500,000 is 0.0001, compute the expected value the insurance company should expect to receive per policy sold. The insurance company should expect to receive how much money?A family wishes to buy a $235,900 home. - If a conventional lender is willing to loan the family 87% of the price of the home, what will the loan amount be? What will be the down payment with the loan? - If the family decides to obtain an FHA loan instead, what will the minimum down payment be? (FHA loan down payments are 3.5% of the first $25,000 and 5.2% of the balance of the loan). What is the maximum FHA loan the family can obtain?
- Calculate the life insurance gross premium for an insurance company, XYZ Life, under the following assumptions. Please round your answer to the nearest dollar. 1-year term insurance for a 35-year-old female • The death benefit is $10,00O • The probability of death within one year given a female is 35 years old (q30) is 0.015 The interest rate is 1.5% • All deaths occur uniformly, hence for simplicity, price the product assuming all deaths happen at the middle of the year • XYZ Life is looking for a 25% loading based on the pure premium (i.e. PV of expected loss) (Hint: When loading Ap, expressed as a percentage, is based on pure premium, Gross premium = Pure premium × [1 + Ap]) Choose the correct answer from below. $166 $171 $149 $155 O $186Calculating required down payment on home purchase. How much would you have to put down on a house costing $100,000 if the house had an appraised value of $105,000 and the lender required an 80 percent loan-to-value ratio?J and J are looking to save for retirement and the following applies: Estimated Income Needed (Annual): $ 50,000 Estimated Social Security Benefit and Pension (annual): $ 35,000 Inflation factor is 3% for 30 years Anticipated Return on Assets held after retirement is 6% Based on the information above, please estimate how much additional retirement savings should J and J have at retirement to meet their financial goals.
