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I need help with double checking my work. I have attached a few problems that I am working on. The following is the homework assignment
I need help with double checking my work. I have attached a few problems that I am working on.
The following is the homework assignment for Week Four covering Chapter 10. To submit your homework create a word document that contains your numbered answers to assignments. Please clearly indicate which chapter the homework is from and don't forget to type your name on the document. You will then submit the file through the homework drop box. Please clearly mark your homework with: 1) your name, 2) chapter assignment is from (or Additio, nal Problems), and 3) problem number. Your homework will be graded and a grade posted in your Portfolio. Homework is due on February 7. HOMEWORK: Problems: 1. Cedric Montyano has a $150,000 whole life insurance policy with $35,000 of cash value. He decides to borrow $20,000 against the policy. If he dies before repaying the remaining $15,000 of the loan, how much would his beneficiary receive? Assuming he and wife, Jayne, are in the 25 percent marginal tax bracket, how much of the insurance settlement is taxable to Jayne? 2. Keith and Nancy Diem have personal property coverage with a $250 limit on currency, a $1,000 limit on jewelry, and a $2,500 limit on gold, silver, and pewter. They do not have a personal property floater. If $500 cash, $2,400 of jewelry, and $1,500 of pewter ware were stolen from their home, what amount of loss would be covered by their homeowner's policy? If the Diems' deductible is $250, how much will they receive on their claim? 3. How much would a homeowner receive with actual cash-value coverage and replacement cost coverage for a three-year old sofa destroyed by a fire? The sofa would cost $1,000 to replace today, whereas it cost $850 three years ago, and it has an estimated life of six years. 4. Larry Simmons has split-limit 100/300/50 automobile liability insurance. Several months ago Larry was in an accident in which he was found to be at fault. Four passengers hurt in the accident were seriously injured and were awarded $100,000 each because of Larry's negligence. How much of this judgment will Larry's insurance policy cover? What amount will Larry have to pay out of pocket? 5. Bill Buckely has split-limit 25/50/10 auto insurance coverage on his 2003 Subaru. Driving home from work in a snowstorm, he hit a Mercedes, slid into a guardrail, and knocked down a telephone pole. Damages to the Mercedes, the guardrail, and the telephone pole were $8,500, $2,000, and $4,500, respectively. How much will Bill's insurance company pay? How much will Bill be required to pay directlyStep by Step Solution
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