Mr. and Mrs. L recently purchased a condo. They have been advised by their parents to obtain homeowner’s insurance from a reliable company and to analyze their situation to determine the appropriate coverage. At the same time, they need to review the components of their automobile insurance on their vehicles to make sure their coverage is appropriate and adequate. They admit that they could use some help in understanding both type of insurance. Character in this case: Mr. M and Mrs. L. Adequate information: Monthly gross income is of $4,000. Living expense is $3,500. Assets are $180,000. Liabilities are $123,000. To explain: Use of personal financial plannersheets as an individual assesses property insurance. Introduction: Property insurance provides financial reimbursement to the owner in case of damage or theft. Automobile insurance is a policy acquire by a vehicle owner. It reduces the cost associated with an accident.

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Chapter 10, Problem 3CC

Summary Introduction

Case summary:

Mr. and Mrs. L recently purchased a condo. They have been advised by their parents to obtain homeowner’s insurance from a reliable company and to analyze their situation to determine the appropriate coverage. At the same time, they need to review the components of their automobile insurance on their vehicles to make sure their coverage is appropriate and adequate. They admit that they could use some help in understanding both type of insurance.

Character in this case: Mr. M and Mrs. L.

Adequate information:

Monthly gross income is of $4,000.

Living expense is $3,500.

Assets are $180,000.

Liabilities are $123,000.

To explain:

Use of personal financial plannersheets as an individual assesses property insurance.

Introduction: Property insurance provides financial reimbursement to the owner in case of damage or theft.

Automobile insurance is a policy acquire by a vehicle owner. It reduces the cost associated with an accident.

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