1. Ashley purchased a dining room set for $5,000 and insured the furniture on an actual...
1. Ashley purchased a dining room set for $5,000 and insured the furniture on an actual cash value basis. Three years later, the property had depreciated in value by 50 percent. The replacement cost of loss was $6,000. ignoring any deductible, how much will Ashley collect from her insurer?
2. Nicholas owns a laptop computer that was stolen. The laptop cost $1,000 when it was purchased 5 years ago. A similar laptop computer today can be purchased for $500. Assuming that the laptop was 50 percent depreciated at the time the theft occurred, what is the actual cash value of the loss?
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1. Ashley purchased a dining room set for $5,000 and insured the
furniture on an actual...
Find the result of this questions. 13. Nicholas owns a laptop computer that was stolen. The...
Find the result of this questions.
13. Nicholas owns a laptop computer that was stolen. The laptop cost $2000 when it was purchased two years ago. A similar laptop computer today can be purchased for $1800. Assuming that the laptop was 50 percent depreciated at the time the theft occurred, what is the actual cash value of the loss?
If an insured has actual cash value coverage, how much would he collect given the following...
If an insured has actual cash value coverage, how much would he collect given the following facts? 1) Replacement cost of the building is $200,000, 2) Replacement cost of the loss is $30,000, 3) Estimated total useful life is 30 years, and 4) Building has been in use 15 years. A. $45,000 B. $15,000 C. $70,000 D. $30,000
QUESTION 5 Owens Holdings owns a building with an actual cash value of $200,000. The property...
QUESTION 5 Owens Holdings owns a building with an actual cash value of $200,000. The property is insured under a Building and Personal Property Coverage Form (BPP) with a building limit of $140,000, an 80% coinsurance clause, and a $1,000 deductible. The policy includes a Cause of Loss - Basic Form covering the building. The building suffers $80,000 in water damage. Which one of the following amounts will Owens'insurer pay? (2 points) Choose one answer. $0 $79,000 $69,000 $79,000 QUESTION...
Michelle Homeowner Policy
Michelle purchased a Homeowners HO-03 policy with no special endorsements to cover her home and personal property. A fire occurred and destroyed a big-screen television. Michelle paid $4,000 for the TV, which had an actual cash value at the time of the loss of $3,000 at the time of the fire. A replacement TV would cost $3,800. Ignoring any deductible, how much will Michelle collect for the loss of the TV? Explain your answer.
Insurance coverage relies on 1. the law of large numbers, meaning Events that are statistically difficult...
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....
09-2, L09-3, L09.5 son, DDS, purchased new furniture for its store on May 1, 2018. The furniture is expected...
09-2, L09-3, L09.5 son, DDS, purchased new furniture for its store on May 1, 2018. The furniture is expected to have a 10-year life and no residual value. The followin d itures were associated with the purchase. MARLEM 9.3B involving Alternative cution Methods Cost of the furniture .. Freight charges... Sales taxes Installation of furniture. Cost to repair furniture damaged during installation ....... $11,000 375 550 75 400 Instructions . Compute depreciation expense for the years 2018 through 2021 under...
Lorenzo is the sole proprietor of a trampoline shop. During 2019, the following transactions occurred. Unimproved...
Lorenzo is the sole proprietor of a trampoline shop. During 2019, the following transactions occurred. Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1986, had an allocable basis of $40,000. Lorenzo has additional parking across the street and plans to use the condemnation proceeds to build his inventory. A truck used to deliver trampolines was sold on January 2 for $3,500. The truck was purchased...
PROPERTY TRANSACTIONS FOR WEEK 4 :TAX FORM COMPUTATION Lorenzo is the sole proprietor of a trampoline...
PROPERTY TRANSACTIONS FOR WEEK 4 :TAX FORM COMPUTATION Lorenzo is the sole proprietor of a trampoline shop. During 2019, the following transactions occurred. Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1986, had an allocable basis of $40,000. Lorenzo has additional parking across the street and plans to use the condemnation proceeds to build his inventory. A truck used to deliver trampolines was sold on...
For each transaction, what are the amounts in nature of recognize game or loss? What is...
For
each transaction, what are the amounts in nature of recognize game
or loss?
What is Lorenzo's 2019 adjusted gross income?
Lorenzo is the sole proprietor of a trampoline shop. During 2019, the following transactions occurred. 1. Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1986, had an allocable basis of $40,000. Lorenzo has additional parking across the street and plans to use the condemnation...
1. How Much of Fire Loss Will Be Covered? Toula and Ian Miller of Gainesville, Florida,...
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....
Find the result of this questions.
13. Nicholas owns a laptop computer that was stolen. The laptop cost $2000 when it was purchased two years ago. A similar laptop computer today can be purchased for $1800. Assuming that the laptop was 50 percent depreciated at the time the theft occurred, what is the actual cash value of the loss?
QUESTION 5 Owens Holdings owns a building with an actual cash value of $200,000. The property is insured under a Building and Personal Property Coverage Form (BPP) with a building limit of $140,000, an 80% coinsurance clause, and a $1,000 deductible. The policy includes a Cause of Loss - Basic Form covering the building. The building suffers $80,000 in water damage. Which one of the following amounts will Owens'insurer pay? (2 points) Choose one answer. $0 $79,000 $69,000 $79,000 QUESTION...
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....
09-2, L09-3, L09.5 son, DDS, purchased new furniture for its store on May 1, 2018. The furniture is expected to have a 10-year life and no residual value. The followin d itures were associated with the purchase. MARLEM 9.3B involving Alternative cution Methods Cost of the furniture .. Freight charges... Sales taxes Installation of furniture. Cost to repair furniture damaged during installation ....... $11,000 375 550 75 400 Instructions . Compute depreciation expense for the years 2018 through 2021 under...
For
each transaction, what are the amounts in nature of recognize game
or loss?
What is Lorenzo's 2019 adjusted gross income?
Lorenzo is the sole proprietor of a trampoline shop. During 2019, the following transactions occurred. 1. Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1986, had an allocable basis of $40,000. Lorenzo has additional parking across the street and plans to use the condemnation...
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....
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