Amount not covered in insurance in jewelery =5300-1000=4300
Amount not covered in silverware=6600-2500=4100
Total amount not covered=4300+4100 =8400
Most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are covered...
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....
TRUE/FALSE. Write T if the statement is true and if the statement is false. 25) Insurance is protection against possible financial loss. 26) Defective house wiring is a hazard that increases the chance that a fire will start. 27) An example of a peril is a robbery. 28) Risk management is an organized plan for protecting y property. for protecting yourself, your family, and your 29) Once a risk management plan is put into action, needs change. It should remain...
5Doug s stereo was stolen from his home. The stereo cost $1,500 new but has a replacement cost of ,250 and has suffered $500 depreciation. If Doug has a Homeowners policy that covers losses for personal property for Acy with a $500 deductible, what amount is Doug entitled to recover? a. $200. b. $700. c. $750 d. $1,250. 6. Doug's stereo was stolen from his home. The stereo cost $1,500 new but has a replacement cost of $1,250 and has...
Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2019, which was declared a Federally Designated Disaster Area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable: Damaged Items Antique poster bed Pool table Flat-screen TV FMV Just Prior to Damage $6,000 7,000 700 Original Item Cost (Basis) $ 5,000 11,000 2,500 Required: Their homeowner's insurance...
Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2019, which was declared a Federally Designated Disaster Area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable: Damaged Items Antique poster bed Pool table Flat-screen TV FMV Just Prior to Damage $6,000 7,000 700 Original Item Cost (Basis) $ 5,000 11,000 2,500 Required: Their homeowner's insurance...
Insurance coverage relies on 1. the law of large numbers, meaning Events that are statistically difficult to predict for a specific individual are more predictable for a large number of individuals b. Events that are statistically difficult to predict for a large number of individuals a. predictable are more individual. for an Insurers can statistically predict whether an individual will suffer a loss more accurately than they statistically predict whether a large number of individuals will suffer losses. d. C....
11. For Medicare to cover the cost of care in the home, certain conditions must be met. These conditions include all of the following EXCEPT: (Search Chapter 3) a. The care must be certified as medically necessary. b. The care must be provided by a Medicare-certified home health agency. c. The patient must be homebound. d. The level of needed care must be custodial. 12. Which Medigap policy plan provides coverage for long-term custodial care? (Search Chapter 3) a. Plan...
Assignment: Chapter 10 - Protecting Your Property 2. The basic principles of property insurance What Are the Basic Principles of Property Insurance? There are two major types of insurance that protect your real and personal property, and that of others: property insurance and liability insurance. As several of the principles on which property and liability insurance are based differ from those underlying life and health insurance, it is important that you be aware of these differences so that you can structure your coverage and...
Vinton Auto Insurance is trying to decide how much money to keep in liquid assets to cover insurance claims. In the past, the company held some of the premiums it received in interest-bearing checking accounts and put the rest into investments that are not quite as liquid but tend to generate a higher investment return. The company wants to study cash flows to determine how much money it should keep in liquid assets to pay claims. After reviewing historical data,...
Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive. Jane is a material participant in the business. She is a cash basis taxpayer. Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane's Social Security number is 123-45-6789. Jane indicates that she wants to designate $3 to the Presidential...