Your insured owns a Seasonal Dwelling and has moved in for the summer months. One night, burglars break into the locked boathouse and steal an old canoe worth $500, a 5 h.p. outboard motor valued at $1,000 and $250 worth of fishing tackle. The damage to the boathouse will cost $500 to repair. There is $10,000 insurance on Personal Property, including burglary and robbery, subject to $250 Deductible. How much will the insured receive in settlement of the claim? OA) $1,500.00 OB) $2,000.00 OC) $1,750.00 OD) $2,250.00 Your client insures his/her condominium unit under a Condominium Unit Owner Comprehensive policy, subject to a $300 Deductible. The common areas of the building suffer severe damage that is not covered by the Condominium Corporation's insurance. The loss is covered, however, under your client's policy. The Condominium Corporation assesses each unit owner $2,500 to cover the damage. Twenty percent (20%) of the unit owners are uninsured. How much would your client's policy pay under these circumstances? OA) Nothing. OB) $2,200.00 OC) Eighty percent (80%) of $2,500. OD) $2,500.00
Your insured owns a Seasonal Dwelling and has moved in for the summer months. One night, burglars break into the locked boathouse and steal an old canoe worth $500, a 5 h.p. outboard motor valued at $1,000 and $250 worth of fishing tackle. The damage to the boathouse will cost $500 to repair. There is $10,000 insurance on Personal Property, including burglary and robbery, subject to $250 Deductible. How much will the insured receive in settlement of the claim? OA) $1,500.00 OB) $2,000.00 OC) $1,750.00 OD) $2,250.00 Your client insures his/her condominium unit under a Condominium Unit Owner Comprehensive policy, subject to a $300 Deductible. The common areas of the building suffer severe damage that is not covered by the Condominium Corporation's insurance. The loss is covered, however, under your client's policy. The Condominium Corporation assesses each unit owner $2,500 to cover the damage. Twenty percent (20%) of the unit owners are uninsured. How much would your client's policy pay under these circumstances? OA) Nothing. OB) $2,200.00 OC) Eighty percent (80%) of $2,500. OD) $2,500.00
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Transcribed Image Text:Your insured owns a Seasonal Dwelling and has moved in for the summer months. One night, burglars break into the
locked boathouse and steal an old canoe worth $500, a 5 h.p. outboard motor valued at $1,000 and $250 worth of
fishing tackle. The damage to the boathouse will cost $500 to repair. There is $10,000 insurance on Personal Property,
including burglary and robbery, subject to $250 Deductible. How much will the insured receive in settlement of the
claim?
OA) $1,500.00
OB) $2,000.00
OC) $1,750.00
OD) $2,250.00
Transcribed Image Text:Your client insures his/her condominium unit under a Condominium Unit Owner Comprehensive policy, subject to a
$300 Deductible. The common areas of the building suffer severe damage that is not covered by the Condominium
Corporation's insurance. The loss is covered, however, under your client's policy. The Condominium Corporation
assesses each unit owner $2,500 to cover the damage. Twenty percent (20%) of the unit owners are uninsured. How
much would your client's policy pay under these circumstances?
OA) Nothing.
OB) $2,200.00
OC) Eighty percent (80%) of $2,500.
OD) $2,500.00
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