What would it cost an insurance company to replace a homeowner's furniture that originally cost $25,000? The replacement costs for the items have increased 20 percent.
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- 3. Determining replacement cost. What would it cost an insurance company to replace a family's personal property that originally cost $42,000? The replacement cost for the items have increased 15%. Please show answer, explanation, and formulaYou have a homeowner's policy with $120,000 coverage, a $1,000 deductible, and required coverage of 80 percent of the replacement cost. Their home recently suffered extensive fire damage in the amount of $92,000. Assuming the replacement value of the home was $160,000, how much will the insurance company pay on this loss? O $73,600 $68,000 $86,250 $85,300 $92,000An insurance company is considering providing fire insurance for $120,000, $100,000, or $80,000 to the owner of a house with a market value of $100,000. a) How much insurance is the company likely to sell for the house? Why? b) If the probability of a fire is 1 in 1000, what would be the premium charged by the company?
- Calculate how much money a prospective homeowner would need for closing costs on a house that costs $190,000. Calculate based on a 15 percent down payment, 1.3 discount points on the loan, a 1.2 point origination fee, and $820 in other fees. The closing costs would be $. (Round to the nearest dollar.)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?It is estimated that there are 35 deaths for every 10 million people who use airplanes. A company that sells flight insurance provides $100,000 in case of death in a plane crash. A policy can be purchased for $1. Calculate the expected value and thereby determine how much the insurance company can make over the long run for each policy that it sells. The expected value is $ (Round to the nearest cent.) ITS
- 12. During 2020, Thor Lab supplied hospitals with a comprehensive diagnostic kit for P1,200. At a volume of 8,000 kits, Thor had fixed costs of P1,000,000 and a profit before income taxes of P200,000. Due to an adverse legal decision, Thor's 2021 liability insurance increased by P1,200,000 over 2020. Assuming the volume and other costs are unchanged, what should the 2021 price be if Thor is to make the same P200,000 profit before income taxes? e. None of these; a. P1,200 b. P1,350 c. P1,500 d. P2,400 answer isReconstruction 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 $75,000please help me
- Alexander Industries is considering purchasing an insurance policy for its new officebuilding in St. Louis, Missouri. The policy has an annual cost of $10,000. If Alexander Industriesdoesn’t purchase the insurance and minor fire damage occurs, a cost of $100,000is anticipated; the cost if major or total destruction occurs is $200,000. The costs, includingthe state-of-nature probabilities, are as follows: a. Using the expected value approach, what decision do you recommend?Alexander Industries is considering purchasing an insurance policy for its new office building in St. Louis, Missouri. The policy has an annual cost of $10,000. If Alexander Industries doesn’t purchase the insurance and minor fire damage occurs, a cost of $100,000 is anticipated; the cost if major or total destruction occurs is $200,000. The costs, including the state-of-nature probabilities, are as follows: Using the expected value approach, what decision do you recommend? What lottery would you use to assess utilities? (Note: Because the data are costs, the best payoff is $0.) Assume that you found the following indifference probabilities for the lottery defined in part (b). What decision would you recommend? Do you favor using expected value or expected utility for this decision problem? Why?Calculating 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?