1. What does guaranteed renewable mean with regard to Nicholas's disability policy? 2. What are the deficiencies in the Clements' disability insurance coverage? 3. How could the Clements cover their personal property for replacement value? 4. If the Clements were burglarized and had their movable stereo system components stolen, would they be covered under the HO-4 policy, and if so, for what value? (See Exhibit 9 in the Appendix for HO chart. 5. If there was a fire in the Clements' apartment building and their in-wall speaker sys- tem was destroyed, would they be covered under the HO-4 policy, and if so, to what extent? 6. If a fire forced the Clements to move out of their apartment for a month, would the HO-4 policy provide any coverage? 7. Is Whitney covered for liability under the personal auto policy while driving her motor- cycle? B. Who will actually collect the proceeds of Nicholas's term life insurance if he were to die today, given that the Clements live in a Uniform Probate Code state? 9. How much must Nicholas's employer include in Nicholas's W-2 for 2016 for the group term life insurance? How much may be included in 2017? 10. Whitney sustained injuries while playing with Grant and Blake. Medical expenses totaled $1,600. The insurance company paid medical expenses in what amount? (Assume the Clements made no other medical claims this year prior to this claim.) 11. Using a human life value approach net of federal and state income taxes, how much additional life insurance is needed on Nicholas's life? (Round to the nearest $50,000 and assume that the marginal tax rate remains constant.) 12. Assume that Nicholas is in a serious automobile accident and is unable to perform the duties of his occupation for 208 consecutive days. What benefits will he receive under his long-term disability insurance policy? What will be the income tax consequences of receiving these benefits? 13. Assume that Nicholas is laid off from his job at Energy Tech, Inc. Typically, how many months of continuation health insurance coverage are the Clements entitled to under COBRA? If Nicholas and Whitney are divorced, how many months of continuation cov- erage is Whitney entitled to? Assume Nicholas is driving his car on a foggy night and the car collides with a deer. As a result, Nicholas incurs medical expenses of $1,000, and his friend, Bill, who is riding with him, incurs medical expenses of $2,000. The front bumper of the car also sustains damage of $1,500. If Nicholas files a claim for these items under his personal auto policy (PAP), what amount will the policy pay