If you have a small loss, why might you decide to not report it to your insurance? Because ... Check all that apply. U You don't have the necessary documentation to prove the loss, You wouldn't fail to report a daim to your insurance company. O Your insurance premium may increase for the next several years, which may, in the long run, cost you more than the amount of the loss. Think about the liability coverage provided by your homeowner and automobile policies. If you ascribe to the large-loss principal, then you should O Plead with your agent to increase your coverage even though insurance companies dont provide additional coverage beyond the standard limit. O keep your coverage at the minimum levels that you currently carry. O Significantly increase your liability coverage beyond the minimum limits that you currently carry. O Hire an insurance consultant to help identify ways to reduce your liability exposure. haft ndalism or malicious mischief insurance daim. You are thinking about adopting a quard dog, believing that the dog will lower the risk of a theft, vandalism, or malidous mischief insurance daim You should remember that: There is a special discount for dog owners. O Approximately one-third of homeowner's insurance liability daims are associated with dog bites. O If you report the dog ownership, your insurer may immediately drop you. esentative may ask if you have a dog O You are not required to report the dog ownership to your insurance, but an agent or company the next time you renew your coverage or initiate a new policy. to repair your car. This is If you were to total your car in an accident at which you are at fault, your insurance company is likely to pay because Assume your state's minimum liability limits for an automobile policy are 25/50/25. Next assume that you cause an accident that involves multiple injuries to three people, each with medical expenses of $200,000. The maximum bodily injury payout that could be made on your behalf by your insurance company for this accident is Based on the large-loss principle, should you modify your existing automobile insurance coverage? O No, dont change your existing policy. Yes, increasing both the amount of liability coverage carried and the comprehensive and collision coverages added to the policy. O Yes, but only add comprehensive and collision coverages to the existing policy Yes, but only increase the amount of liability coverage to the existing policy