Most home insurance policies cover jewellery and silverware for a limited amount unless items are covered with additional insurancevia an umbrella plan. If $11,500 worth of jewellery and $4,350 worth of silverware were stolen from a family. Assume the standard limitis $2,500 (jewellery) and $3,500 (silverware).a. What amount of the claim would not be covered by insurance? (Omit the "S" sign in your response.)Amount not covered%$4

Amount not covered=Stolen Worth-Total Claim

Answered: Most home insurance policies cover…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Eleanor is the owner of a 15-year-old home, and is looking to buy a homeowner’s insurance policy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so on, she also wants insurance for damage caused by malfunctioning of internal structures like air conditioning or plumbing. Based on the peril coverage it offers, she purchases an _________ insurance policy. Her home has a replacement value of $250,000, therefore she insures her home for the minimum legal requirement of __________________. Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following: Damage to personal property: $ _____________________ Detached buildings: $_____________________ Loss of Use (Additional living expenses): $____________________ Property…
5 Edmond is a life insurance agent who sold a whole life policy to his client Emile a few years ago. Emile becomes mentally incapable after an accident and her brother, Jake, meets Edmond to surrender Emile's policy. Jake informs Edmond that he is Emile's enduring power of attorney. What must Edmond do first before proceeding with Jake's request to surrender the policy? aUNKOXFJWSt60EQ0YzljeUkyUVoxdz09 → a. O Edmond should transfer the ownership of the insurance policy to Jake before accepting his request to surrender the policy. b. O Edmond should obtain a certified true copy of the power of attorney from a notary public and have it reviewed by the insurance company. c. O Edmond should require Jake to sign the surrender application on behalf of Emile before submitting the application to the insurer. d. O Edmond should obtain Jake's personal identification documents and attach them with the surrender application for the insurance company's reference.
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A friend, explaining his position with respect to liability insurance, states, “I don’t feel I need the high limits of liability because I don’t make that much money. If I were a doctor or a lawyer, I would carry higher limits of liability coverage, but since I am not, the $100,000 minimum included in my homeowner’s policy is enough.” Do you agree or disagree? Why?
You are responsible for an automobile accident. Use the information below to determine: the total amount your liability insurance will pay for the accident the total amount your collision insurance will pay for the accident the amount of additional damages you are esponsible for as a result of the accident You and the driver of the other car were the only people involved in the accident. There were no injuries from the accident. You have a 50/100/50 liability insurance policy with no deductible You have collision insurance with a deductible of $500 The other car was valued at $25,000 and requires $10,000 in repairs Your car was valued at $20,000 and requires $15,000 in repairs
30. Gina has 250/500/50 liability insurance and $50,000 PIP insurance. Shechanges lanes too quickly, hits the metal guard rail, and the hits a tour bus.Four people are seriously injured hurt and sue her. Twenty others have minorinjuries. Gina's boyfriend, who was in the car, is hurt and requires $19,000worth of medical attention. What insurance covers this, and how much will thecompany pay? A. $19,000; BIB. $19,000; PIPC. $50,000; PIPD. $50,000; BI
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Can you help me with some tips Question? Imagine you are a deciding Judge for the following scenario. Decide who should win the case including the reasoning for the decision? 1. Chip bought an insurance policy on his house from Insurance Co. The policy covered damage from fire but explicitly excluded coverage for harm caused “by or through an earthquake.” When an earthquake struck, Chip’s house suffered no fire damage but the earthquake caused a building some blocks away to catch on fire. That fire ultimately spread to Chip’s house, burning it down. 2. Is Insurance Co. liable to Chip? 3. Argument for Insurance Co.: The policy could not have been clearer or more explicit. If there had been no earthquake, Chip’s house would still be standing. The policy does not cover his loss. Argument for Chip: His house was not damaged by an earthquake, it burned down. The policy covered fire damage. If a contract is ambiguous, it must be interpreted against the drafter of the contract.
3. A patient who has not paid a bill has come to the emergency room for medical treatment. While there, a medical assistant notices a large amount of money in her purse. The medical assistant tells the security guard. The guard stands at the patient’s room and refuses to let her leave until she pays some money toward her bill. Can the patient file charges against the hospital? If so, what will the proper complaint read?
Which of the following would be accepted as a proof of liability insurance for automobile liability insurance? An expired insurance card provided by the insurance company A bound insurance application for which the check offered for payment was dishonored due to insufficient funds A liability insurance binder issued by the insurance producer in effect on the date the police requested proof of insurance Insurance declarations page with an expiration date prior to the date of the accident in question
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please help, I’m confused :(

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