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Questions and Answers of
Corporate Finance
Matthew owns a mobile home that is insured by an endorsement to a Homeowners 3 policy. Explain to what extent, if at all, this policy would pay for each of the following losses:a. A severe windstorm
Morgan has an outboard motorboat insured under a boatowners package policy. Indicate whether each of the following losses would be covered under Morgan's policy. If the loss is not covered, or not
Dan has a personal umbrella policy with a $1 million limit. The self-insured retention is $250. Dan has a homeowner’s policy with no special endorsements and an auto insurance policy. The policies
Lori has a personal umbrella policy with a $1 million limit. The self-insured retention is $250. Lori has a homeowner’s policy with no special endorsements and an auto insurance policy. The
The ISO dwelling program has several forms. Describe the characteristics of each of the following:a. Dwelling Property 1 (basic form)b. Dwelling Property 2 (broad form)c. Dwelling Property 3 (special
A personal articles floater (PAF) provides broad protection for valuable personal property. Give three examples of property that might require coverage under a PAF instead of a standard homeowner’s
The National Flood Insurance Program (NFIP) has numerous provisions. Briefly explain each of the following:a. Write-your-own programb. Meaning of a floodc. Waiting period
Describe the basic characteristics of title insurance.
Describe the basic characteristics of inland marine floaters.
Identify the coverages found in a typical boat owner’s package policy.
Briefly explain the basic characteristics of a personal umbrella policy.
Kimberly owns and operates a tennis shop in a resort area.The business is seasonal. A large part of the annual revenues are due to sales in June, July, and August. Kimberly keeps the shop open during
Michael owns a television repair shop that is insured under a commercial package policy. The policy includes the building and personal property coverage form and the causes-of-loss broad form. The
Ashley owns a retail shoe store that is insured for $120,000 under the business income (and extra expense) coverage form. Because of a fire, Ashley was forced to close the store for three months.
a. Janet is the risk manager of Daily News, a daily publication in a highly competitive market. She wants to be certain that the newspaper will continue to be published if the company's printing
The Mary Queen, an ocean-going oil tanker, negligently collided with a large freighter. The Mary Queenis insured by an ocean marine hull insurance policy with a running down clause. For each of the
An Ocean Transfer cargo ship was forced to jettison some cargo during a severe storm. The various interests in the voyage at the time the property was jettisoned are the following:Value of the ship
The value of business personal property at Kim's business fluctuates periodically, which is due largely to fluctuations in the value of inventory on hand. Kim's property insurance policy requires the
Richard owns and operates a small furniture store. In addition to Richard, the firm employs two sales representatives. Richard's insurance agent advises him that the store can be insured under a
Never-Die Battery manufactures batteries for industrial and consumer use. The company purchased a commercial package policy (CPP) to cover its property exposures. In addition to common policy
a. What is a package policy?b. Explain the advantages of a commercial package policy to a business firm as compared to the purchase of separate policies.
Identify the major types of commercial property that can be insured under an inland marine insurance policy.
Identify the causes of loss that are covered under the following forms:a. Causes-of-loss basic formb. Causes-of-loss broad formc. Causes-of-loss special form
Explain the following provisions in the building and personal property coverage form:a. Covered propertyb. Additional coveragesc. Optional coverages
The business income (and extra expense) coverage form has a number of policy provisions. Explain the following provisions:a. Business income lossb. Coverage of extra expenses
Briefly describe the following commercial property insurance coverages:a. Builders risk insuranceb. Condominium insurancec. Equipment breakdown insuranced. Difference in conditions (DIC) insurance
Explain the following ocean marine insurance coverages:a. Hull insuranceb. Cargo insurancec. Protection and indemnity (P&I) insuranced. Freight insurance
a. What is the difference between a particular average loss and a general average loss in ocean marine insurance?b. What conditions must be fulfilled to have a general average loss?
Briefly describe the following inland marine coverages:a. Accounts receivable coverage formb. Valuable papers and records coverage formc. Bailees customer policy
A business owners policy (BOP) contains a number of coverages. Explain the following:a. Coverage of buildingsb. Coverage of business personal propertyc. Covered causes of lossd. Additional coverages
1. Lastovica Construction is insured under a commercial general liability (CGL) policy. The firm agreed to build a new manufacturing facility for the Smith Corporation. A heavy machine used by
Ben owns an appliance and furniture store and is insured under a commercial general liability (CGL) policy written on an occurrence basis. Explain whether Ben's CGL policy would provide coverage for
Jill operates a sporting goods store in a rented location at a shopping mall. She is insured under a CGL policy with the following limits:General aggregate limit .............
Allison owns and operates a small retail food store in a suburban shopping center. The store is insured for liability coverage under a businessowners policy. Explain whether the following situations
A surgeon is insured under a physicians, surgeons, and dentists professional liability policy. Explain whether the following situations are covered by the professional liability policy. Treat each
Electrical Services is an electrical contractor that employs 10 electricians. Electrical Services faces numerous loss exposures. One general liability loss exposure arises out of faulty work that an
Fast Pizza hires college students who drive their own cars to deliver pizzas to customers. Fast Pizza is concerned that the company may be liable for damages caused by company employees while they
Identify the major general liability loss exposures of business firms.
Explain the difference between an occurrence policy and a claims-made policy.
Define each of the following:a. Products liabilityb. Completed operations liabilityc. Contractual liabilityd. Contingent liability
Briefly describe the meaning of "products and completed operations hazard."
The commercial general liability policy (CGL) contains several coverages. Briefly explain each of the following coverages:a. Bodily injury and property damage liabilityb. Personal and advertising
A workers compensation policy contains several coverages. Briefly explain each of the following coverages:a. Part One: Workers Compensation Insuranceb. Part Two: Employers Liability Insurancec. Part
a. Identify the major coverages in the business auto coverage form.b. Describe the major characteristics of the garage coverage form.
Briefly describe the following coverages that appear in an aircraft policy:a. Physical damage coverageb. Liability coverage
Explain the following characteristics in a commercial umbrella policy:a. Coverages providedb. Required underlying coveragesc. Self-insured retention (SIR)
Briefly describe the major characteristics of a physicians, surgeons, and dentists professional liability insurance policy.
Explain the insuring agreements that typically appear in a directors & officers (D&O) liability policy.
The ISO commercial crime coverage form can be used to insure specific crime exposures of most business firms. Assume that you are a risk management consultant. For each of the following losses,
Patrick is the owner of a liquor store that is insured under an ISO commercial crime coverage form (loss-sustained form) with the following insuring agreements:• Employee Theft• Inside the
Kathy owns a large retail electrical store that sells light fixtures, lamps, and electrical equipment. The firm is not insured for employee theft. A risk management consultant recommended adding an
Vasquez Construction has been awarded a contract by a local school board to build a new public school and must provide a performance bond.a. With respect to the performance bond, identify the
Define robbery, burglary, safe burglary, and theft.
Briefly describe the following insuring agreements in the commercial crime coverage form (loss-sustained form):a. Employee Theftb. Forgery or Alterationc. Inside the Premises-Theft of Money and
a. Explain the difference between the discovery form and the loss-sustained form.b. What is the purpose of the retroactive date endorsement that may be attached to a policy written on a discovery
When commercial crime insurance is written on a loss-sustained basis, the policy contains a provision called loss sustained during prior insurance not issued by us or any affiliate. Explain the
Briefly describe the following insuring agreements that appear in a financial institutions bond.a. Fidelity coverageb. On premises coveragec. In transit coveraged. Forgery or alteration
How do surety bonds differ from insurance contracts?
Identify the major exclusions in the commercial crime coverage form (loss-sustained form).
An important policy provision is called termination as to any employee. Explain the meaning of this provision.
Identify the three parties to a surety bond.
What is a standard of living? What factors affect the quality of life?
What is average propensity to consume? Is it possible for two people with very different incomes to have the same average propensity to consume? Why?
Discuss the various forms in which wealth can be accumulated.
What is the role of money in setting financial goals? What is the relationship of money to utility?
Explain why financial plans must be psychologically as well as economically sound. What is the best way to resolve money disputes in a relationship?
Explain why it is important to set realistically attainable financial goals. Select one of your personal financial goals and develop a brief financial plan for achieving it.
Distinguish between long-term, intermediate, and short-term financial goals. Give examples of each.
What types of financial planning concerns does a complete set of financial plans cover?
Chad Jackson’s investments over the past several years have not lived up to his full return expectations. He is not particularly concerned, however, because his return is only about 2 percentage
Describe employee benefit and tax planning. How do they fit into the financial planning framework?
“There’s no sense in worrying about retirement until you reach middle age.” Discuss this point of view.
Discuss briefly how the following situations affect personal financial planning:a. Being part of a dual-income coupleb. Major life changes, such as marriage or divorcec. Death of a spouse
What is a professional financial planner? Does it make any difference whether the financial planner earns money from commissions made on products sold as opposed to the fees he or she charges?
Discuss the following statement: “The interactions among government, business, and consumers determine the environment in which personal financial plans must be made.”
What are the stages of an economic cycle? Explain their significance for your personal finances.
What is inflation, and why should it be a concern in financial planning?
“All people who have equivalent formal education earn similar incomes.” Do you agree or disagree with this statement? Explain your position.
Discuss the need for career planning throughout the life cycle and its relationship to financial planning. What are some of your own personal career goals?
Are consumption patterns related to quality of life? Explain.
Discuss the relationship of life-cycle considerations to personal financial planning. What are some factors to consider when revising financial plans to reflect changes in the life cycle?
Recommend three financial goals and related activities for someone in each of the following circumstances:a. A junior in collegeb. A 30-year-old computer programmer who plans to earn an MBA degreec.
Summarize current and projected trends in the economy with regard to GDP growth, unemployment, and inflation. How should you use this information to make personal financial and career planning
Assume that you graduated from college with a major in marketing and took a job with a large consumer products company. After three years, you are laid off when the company downsizes. Describe the
1. Describe to Tom the goals and rewards of the personal financial planning process.2. Explain to Tom what is meant by the term financial planning and why it is important regardless of income.3.
1. What important career factors should Zack consider when evaluating his options?2. What important personal factors should Zack consider when deciding among his career options?3. What
What are the two types of personal financial statements? What is a budget, and how does it differ from personal financial statements? What role do these reports play in a financial plan?
What is the balance sheet equation? Explain when a family may be viewed as technically insolvent.
What is an income and expense statement? What role does it serve in personal financial planning?
Is it possible to have a cash deficit on an income and expense statement? If so how?
Why is it important to analyze actual budget surpluses or deficits at the end of each month?
Describe the balance sheet, its components, and how you would use it in personal financial planning. Differentiate between investments and real and personal property.
Explain two ways in which net worth could increase (or decrease) from one period to the next.
Explain what cash basis means in this statement: “An income and expense statement should be prepared on a cash basis.” How and where are credit purchases shown when statements are prepared on a
How can accurate records and control procedures be used to ensure the effectiveness of the personal financial planning process?
Describe some of the areas or items you would consider when evaluating your balance sheet and income and expense statement. Cite several ratios that could help in this effort.
Describe the cash budget and its three parts. How does a budget deficit differ from a budget surplus?
The Gonzales family has prepared their annual cash budget for 2016. They have divided it into 12 monthly budgets. Although only 1 monthly budget balances, they have managed to balance the overall
Why is it important to use time value of money concepts in setting personal financial goals?
What is compounding? Explain the rule of 72.
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