Explain why the distinction between an agent and a broker is important for the insured in instances where the agent or broker makes a mistake. Matthew's home is damaged when a water pipe breaks and causes damage to a room in his house. He submits a claim to his insurer. who pays Matthew $1500. representing replacement cost less depreciation. What method was used by the insurer to calculate the amount to be paid? A concert promoter wants to rent out the Fields Auditorium for a concert performance. Fields Auditorium is concerned about liability resulting from the concert and does not want its insurance carrier to haye to pay any claims resulting from the concert. What can Fields Auditorium do to protect its insurance carrier if it rents the facility to the concert promoter? Adoree has submitted an insurance application but is concerned that liability may arise between the time he submitted the application and the time the policy becomes effectiye. 1y'll'hat can Adoree do to alleyiate this concern? Jaclyn and Denae embark on a sixmonthlong world cruise. One month into the trip. their house is damaged by a fire, but Jacyln and Denae are unaware of the damage. When they return from their cruise. they immediately notify their insurance carrier. Their carrier denies coyerage due to their failure to notify the insurer within 3i] days of the peril as stated in the policy. Can the insurer deny coyerage in this situation? Mitchell operates a consulting business out of his home. Mitchell's house suffers ektensiye damage from a re, and his home office and business supplies are destroyed. Mitchell maintained homeowners insurance. but not commercial general liability insurance. Mitchell submits a claim to his insurer. Will the insurer indemnity Mitchell for the loss? 7. Bryce owns a commercial property that was vandalized. His insurance carrier, Large Insurance, paid Bryce under the terms of his policy. Does Large Insurance have any rights against the person who vandalized the property? If so, what are they? 8. David knows that his friend has installed several electrical panels that are not in conformance with the current electrical code. David believes that this poses a risk of fire. Instead of alerting his friend, David seeks to obtain insurance on his friend's property. Can David obtain insurance on his friend's property? 9. Elena's one-bedroom apartment was destroyed by an accidental fire. She did not maintain renter's insurance. Her personal property worth $10,000 was destroyed. Is her landlord responsible for the damage to her personal property? 10. Research whether your state has a privately financed, publicly managed entity to insure natural disasters such as flood, tornado or earthquakes