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Margaret and her family are not able to stay in their home while it undergoes repairs due to a fire. Margaret has a Broad Form Policy, and calls her Broker to complain that her insurer refuses to pay for the cost of her mortgage at this time. She has been paying for a hotel room for the family and the additional expenses are impacting the family

Margaret and her family are not able to stay in their home while it undergoes repairs due to a fire. Margaret has a Broad Form Policy, and calls her Broker to complain that her insurer refuses to pay for the cost of her mortgage at this time. She has been paying for a hotel room for the family and the additional expenses are impacting the family

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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The standard maximum Income Replacement Benefit payable under O.A.P. 1 Owner's Policy "Section 4 - Accident Benefits Coverage" is $400 per week for the first 104 weeks. The actual amount payable is based on which one (1) of the following? OA) 70% of Gross Income. OB) 80% of Gross Income. OC) 70% of Net Income. OD) 80% of Net Income.
Transcribed Image Text:The standard maximum Income Replacement Benefit payable under O.A.P. 1 Owner's Policy "Section 4 - Accident Benefits Coverage" is $400 per week for the first 104 weeks. The actual amount payable is based on which one (1) of the following? OA) 70% of Gross Income. OB) 80% of Gross Income. OC) 70% of Net Income. OD) 80% of Net Income.
Margaret and her family are not able to stay in their home while it undergoes repairs due to a fire. Margaret has a Broad Form Policy, and calls her Broker to complain that her insurer refuses to pay for the cost of her mortgage at this time. She has been paying for a hotel room for the family and the additional expenses are impacting the family budget. What assistance could her Broker offer? OA) Negotiate with the insurer. If that does not work, the matter may need to be escalated to claims management. OB) Explain to Margaret that she did not purchase a Comprehensive Policy, so the coverage for her mortgage is not included. OC) Explain to Margaret that she should talk to her mortgage insurance provider. OD) Explain to Margaret that the Insurer will pay for the cost of the hotel room.
Transcribed Image Text:Margaret and her family are not able to stay in their home while it undergoes repairs due to a fire. Margaret has a Broad Form Policy, and calls her Broker to complain that her insurer refuses to pay for the cost of her mortgage at this time. She has been paying for a hotel room for the family and the additional expenses are impacting the family budget. What assistance could her Broker offer? OA) Negotiate with the insurer. If that does not work, the matter may need to be escalated to claims management. OB) Explain to Margaret that she did not purchase a Comprehensive Policy, so the coverage for her mortgage is not included. OC) Explain to Margaret that she should talk to her mortgage insurance provider. OD) Explain to Margaret that the Insurer will pay for the cost of the hotel room.
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