The property of Pote's Garage is worth $900,000. Pote has a $375,000 fire insurance policy that contains an 80% coinsurance clause. What will the insurance company pay on a fire that causes $450,000 damage? If Pote meets the coinsurance, how much will the insurance company pay? Insurance company pay on a fire Insurance company will pay
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- The property of Vin's Garage is worth $400,000. Vin has a fire insurance policy of $160,000 that contains an 80% coinsurance clause. What will the insurance company pay on a fire that causes $180,000 of damage? If Vin met the coinsurance, how much would the insurance company pay?: "Home insurance and options" You own a house that costs $200,000 to build. You buy a $15,000 insurance policy to compensate you for damage to the house. The deductible is $25,000. (If your house suffers $4,000 damage from a storm, you pay for all repairs yourself. If the house suffers $45,000, in damage, you pay $25,000 and the insurance company pays the remaining $20,000.) (1) Graph the positions of the unhedged home, the home insurance and the hedged home position on the profit and loss diagram. In the diagram, specify the relevant values on the diagram. (2) To which trader type the insurance company belong? Explain your answer. a. Call buyer b. Call seller c. Put buyer d. Put sellerYou 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 $92,000
- Please help me understand this question?Kevin recently purchased a board form HO-2 policy with no deductible. The policy value is $174,000. A year later, his roof is damaged by vandalism and he suffers a loss of $139,200. If the replacement value of Kevin’s house is $290,000 and the insurance policy includes a replacement cost requirement of 80%, he will receive a reimbursementYou have an HO policy with the following limits: A $75,000 (dwelling) B-$ 7,500 (other structures) C-$25,000 (personal property). A tornado strikes your property. You lose your house, which is worth $65,000 at the time of the loss. You also lose an unattached shed worth $8,000, and personal property worth $30,000. You will collect? (assume $0 deductible, ignore the ACV calculation and assume there is no fraud or other unusual circumstances surrounding the loss.) OA$107,500 OB. $97,500 OC.$103,0003. A homeowner’s house is insured at $950,000. The insurer requires 75% coverage for full insurance. The home sustains $25,300 damage from fire. Thepolicy has a deductible of $10,000, which decreases linearly to zero whenthe total cost of the loss is $20,000. The house is valued at $1,360,000.How much does the insurer reimburse?
- Ricardo's car was damaged in an accident. The cost to repair the car will be $3,240. His deductible is $500. How much will Ricardo's insurance company pay?Tim Navholtz needs a $20,000 renters insurance policy and has selected the $500,000 liability with $1,000 deductible. The insurance company has determined his credit is excellent and has given him the "good" credit rate. If he adds an endorsement of $0.85/S100 to ensure $10,900 of jewelry, $20/year for the options of identity theft/protection and $75/year for sewer/sump pump backup protection for his basement, find his annual premium using the given table. 9 Click the icon to see a hypothetical table of Estimated Annual Renters Insurance Premium Rates. The annual premium is $. (Simplify your answer. Type an integer or a decimal.)1. Alex owns a home with a replacement value of $320,000. The homeowners policy has an 80% coinsurance clause and a face value of $240,000. Damage caused by a fire costs $125,280 to repair. What compensation will the insurance company pay? 2. Using Table 19-5 and 19-6, find the annual premium for an automobile insurance policy for Sandra who has a good credit rating. She lives in Territory 1 and buys 50/100/50 coverage for her liability protection. Sandra's vehicle is Model Class 2 and is five years old. In addition to the liability coverage, she purchased comprehensive and collision insurance with a $250 deductible on comprehensive and a $500 deductible on collision. TABLE 19-5 Annual Automobile Liability Insurance Premiums Territory 1 Territory 2 Liability Limits BAD GOOD ОСС GOOD ОСС BAD 50/100/50 385 600 846 354 552 778 100/300/100 425 682 961 391 627 884 250/500/250 460 750 1036 423 690 953 500/1000/500 530 843 1208 488 776 1111 GOOD = good credit; OCC = occasional payments past…
- Eva Stone's home in Chicago was recently gutted in a fire. Her living and dining rooms were destroyed completely, and the damaged personal property had a replacement price of $19,000. The average age of the damaged personal property was 8 years, and its useful life was estimated to be 18 years. What is the maximum amount the insurance company would pay Eva, assuming that it reimburses losses on an actual cash-value basis? Round the answer to the nearest cent.Ivy Gordon's home in Charleston was recently gutted in a fire. Her living and dining rooms were destroyed completely, and the damaged personal property had a replacement price of $36,000. The average age of the damaged personal property was 5 years, and its useful life was estimated to be 13 years. What is the maximum amount the insurance company would pay Ivy, assuming that it reimburses losses on an actual cash-value basis and has a $500 deductible? Assume that the total coverage requirement is met. Do not round intermediate calculations. Round the answer to the nearest cent.John has 50/250/25 car insurance. Last week he caused a car accident that damaged the following:: Al's car = $2000 damage Bob's car = $6000 damage Charlie's car = $5000 damage Telephone pole = $4000 damage Guard rail = $5000 damage Based on John's insurance, how much will the insurance company have to pay for the damage?
