Problem 16
Your home insurance policy has a $500 deductible and provides cash value coverage on contents. If your home is over 25 years old and a small fire causes $16,000 damage to it, what amount of the claim would the insurance company pay? (Show your calculations)
I have answered the question below
Please up vote for the same and thanks!!!
Do reach out in the comments for any queries
Answer:
Given that the home insurance policy has a $500 deductible.
Also, the damage to building is worth $16,000
=> If the claim is covered we have to pay $500 towards repairs and the insurance company would pay the remaining
($16,000 - $500) = $15,5000
Problem 16 Your home insurance policy has a $500 deductible and provides cash value coverage on...
Problem 16: Your home insurance policy has a $500 deductible and provides cash value coverage n contents. If your home is over 25 years old and a small fire causes $16000 damage to it, what amount of the claim would the insurance company pay? Akika has no dependents, an annual income of $80000 and debt of $150000. How much insurance should she buy using the income method and a factor of 10?
Sandy has a $292,462 insurance policy with 80% coinsurance clause and a $1,000 deductible. She sustains $58,313 in fire damage to her home when it catches on fire after a lightning strike. It costs $289,285 to replace her home. She has a named storm deductible of 2%. How much will the insurer pay for her damage?
Marika Katz bought a new Blazer and has insurance coverage of 25/50/25 with $200 deductible for collision. Driving up to her summer home one evening, Marika hit a parked car and injured the couple inside. Marika’s car had damage of $8,800, and the car she struck had damage of $5,500. After a lengthy court suit, the couple struck were awarded personal injury judgments of $20,000 and $10,000, respectively. a. What will the insurance company pay for this accident? Amount paid...
You have purchased a $25,000 Employee Theft policy with $500 deductible. During the coverage period you find out that one of your employees has stolen a $30,000 item from your company. How much would the insurance company pay you?
Stephen Bjork's insurance policy reads as follows: Coverage; Limits Bodily Injury/Property Damage $250,000/$500,000/$100,000 Personal Injury Protection $150,000 Per-Person Uninsured Motorist $100,000/$300,000 Physical Damage: Collision Comprehensive Deductible = $1,000 Deductible = $500 Emergency Road Service Up to $95 Rental Reimbursement Up to $25 per-day, $750 maximum He hits a guardrail out on the highway in Canada. He is slightly injured and his medical bills total $1,200. The damage to the guardrail costs $8,669 to repair. How much will his policy pay...
Eric and Susan just purchased their first home, which cost $168,000. They purchased a homeowner’s policy to insure the home for $158,000 and personal property for $94,000. They declined any coverage for additional living expenses. The deductible for the policy is $500. Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $26,500. While the roof was under repair, the couple had to live in...
Help Sa MC Qu. Your home insurance provides for replacement value for personal ... Your home insurance provides for replacement value for personal property losses. A microwave is stolen. It cost $240 two years ago and has an expected life years. A comparable microwave costs $345 today. What amount will the insurance company pay?
1. Many insurance policies carry a deductible provision that states how much of a claim a person must pay out of pocket before the insurance company pays the remaining of the expenses. For example, if someone files a claim for $350 on a policy with a $200 deductible, he or she pays $200 and the insurance company pays $150. In the following cases, determine how much a person would pay with and without an insurance policy. Complete parts (a) and...
4. Eric and Susan just purchased their first home, which cost $130,000. They purchased a homeowner's policy to insure the home for $120,000 and personal property for S75000. They declined any coverage for additional living expenses. The deductible for the policy is $500. Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $17,000. While the roof was under repair, the couple had to live...
1. How Much of Fire Loss Will Be Covered? Toula and Ian Miller of Gainesville, Florida, recently suffered a fire at their home. The fire, which began in a crawl space at the back of the house, caused $50,000 of dam- age to the dwelling itself. Their ued at $20,000, was totally destroyed but did not contain a car at the time of the fire. Replacement of the Millers' personal property damaged in the home and garage amounted to $23,000....