R owns a condominium. The individual unit owners are assessed $10,000 each for an uninsured liability loss. R's HO-00-06 (HO-06) Form will pay a maximum amount of: a. $0 b. $1,000 c. $5,000 d. $7,500
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R owns a condominium. The individual unit owners are assessed $10,000 each for an uninsured liability loss. R's HO-00-06 (HO-06) Form will pay a maximum amount of:
a. $0
b. $1,000
c. $5,000
d. $7,500
Step by step
Solved in 2 steps
- 7. Annaliese Nuber insured the contents of her apartment for $22,500. The premium is S0.63 per S100 with a $750 deductible, Her personal property that is used away from home is insured at 10% of the policy's total coverage. Living expense coverage is 20% of the policy's total coverage. a. At what value is the personal property that she uses away from home insured? b. For what value is her living expense covered? c. What is the annual insurance premium that Annaliese pays?Sarah Fleming has two Class 1 rental properties that are both subject to a 4% CCA rate. Property 1 has a UCC balance at the beginning of the year of $570,000 and has rental income before the deduction of CCA of $47,000. Property 2 has a UCC balance of $965,000 at the beginning of the year but has a rental loss before CCA of $24,000. What is the maximum amount of CCA that Sarah can claim in the current year? OA. $61,400 B. $22,800 O C. $47,000 O D. $23,000Assume 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
- 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.$103,000Jessica has a Personal Auto Policy (PAP) providing the following coverages: • Coverage A: 250/500/100 Coverage B: $10,000/person • Coverage C: 150/300 Coverage D: $500 deductible (collision): $500 deductible (comprehensive) Under the following scenario: (1) identify which PAP coverage is at issue (ONLY enter the letter A, B, C, or D); and (2) how much Jessica's insurance company will pay. NOTE: If you believe it is excluded/not covered, enter $0, otherwise, determine the amount and enter the amount with the $, any necessary commas, and no decimal points/cents (e.g., $1,500). Failure to follow these directions will result in answers being marked incorrect. Jessica allows her friend, Chris, to borrow her car to run a quick errand. When Chris is on her way back from the store, she totally misses a stop sign and causes an accident. The other driver's brand new car is totaled, and it had a value of $26,000. Jessica car suffers $2,100 in damages, as well. NOTE: There are 2 different…M.14.
- Barbara has homeowner’s insurance with $100001 face amount.She recently incurred fire damage of $50000 during the policy period. If the insurer values the home to be $150000, what would her insurance benefit before the deductible? Choices: $33334 $100000 $0 $50001A taxpayer purchased a light truck for $27,500 in June 2021. He uses the truck 100% business .What is his first year MACRS deduction for the truck if the takes the special depreciation deduction (i.e., bonus depreciation? A. $3,160 B. $5.860 C. $10,200 D. $18,200Lucy has AGI of $125,000 before considering losses from some rental real estate she owns (she actively participates): She had the following losses from her rental property: Rental property i Rental property 2 Required: 5. How much of the 183363 can Lucy deduet? can b. If Lucy's AGI before the losses was $90,000, how much of the losses can she deduct? - Complete this question By EREEFing your answers in the tabs below: An Required A Required B Rental property Property 1 Properly 2 $ (26;000) (10,000) How much of the losses can Lucy deduct? Note: Do not round intermediate calculations and round your final answers to nearest whole dollar a Do not rou Note: Do not found intermediate alculations and to your war auswers wat Suspended losses 69 €9 $ $ Answer is complete but not entirely correct. Allowed losses 10,833 X $ 4,167 $ 15,167 X 5,833
- DogMike leased his land to Leomar for 2 years beginning July 1, 2018. Leomar would pay monthly rental of P100,000. He paid rent up to October 2018 and then defaulted for the rest of the year. 1.Under the cash method, how much was the deductible expense of Leomar in 2018? *2.Using the same data in the preceding number, how much was the income of Mike in 2018 using cash method? *3.Under the accrual method, how much was the income of Mike for 2018? *4.Under the accrual method, how much was the deductible expense of Leomar in 2018? *Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.
