In addition to medical, home, and auto-insurance policies, you can choose to purchase additional policies to protect against other types of losses. Consider Stelios, a lawyer with a standard HO-2 policy with $400,000 of insurance on his home, an auto insurance policy with liability limits of 100/300/50, and a professional liability policy with a $100,000 limit. His daughter recently took a course in personal finance and wants to make sure her father is adequately protected from potential losses. She knows her father has all the standard policies, so she reviews a number of situations that aren't always covered under standard policies. For each of the following scenarios, indicate the type of coverage-one Stelios already has or one he should purchase-that would protect against the loss described. How to Protect Against This Loss An earthquake destroys the deck of the home, causing $20,000 in damage. A burglar steals a piece of art (valued at $85,000 ) from his living room. The laptop he uses for work is stolen out of his car. In addition to these policies, he is considering an umbrella liability insurance pol regarding umbrella policies are true? Check all that apply. If Stelios causes an automobile accident and the medical bills for the 0 and $30,000, respectively), the umbrella policy will cover $10,000 of th How to Protect Against This Loss An earthquake destroys the deck of the home, causing $20,000 in damage. A burglar steals a piece of art (valued at $85,000 ) from his living room. The laptop he uses for work is stolen out of his car. In addition to these policies, he is considering an umbrella liability insurance policy with limits of $1 million. Which of the following statements regarding umbrella policies are true? Check all that apply. If Stelios causes an automobile accident and the medical bills for the other driver and his or her passenger are $110,000 ( $80,000 and $30,000, respectively), the umbrella policy will cover $10,000 of the cost. The cost of the additional umbrella policy is high and is only worth that cost if Stelios is wealthy. If Stelios is sued by a client and must pay $110,000 in damages, his umbrella policy will pay the $10,000 above the limits of his professional liability policy. In addition to medical, home, and auto-insurance policies, you can choose to purchase additional policies to protect against other types of losses. Consider Stelios, a lawyer with a standard HO-2 policy with $400,000 of insurance on his home, an auto insurance policy with liability limits of 100/300/50, and a professional liability policy with a $100,000 limit. His daughter recently took a course in personal finance and wants to make sure her father is adequately protected from potential losses. She knows her father has all the standard policies, so she reviews a number of situations that aren't always covered under standard policies. For each of the following scenarios, indicate the type of coverage-one Stelios already has or one he should purchase-that would protect against the loss described. How to Protect Against This Loss An earthquake destroys the deck of the home, causing $20,000 in damage. A burglar steals a piece of art (valued at $85,000 ) from his living room. The laptop he uses for work is stolen out of his car. In addition to these policies, he is considering an umbrella liability insurance pol regarding umbrella policies are true? Check all that apply. If Stelios causes an automobile accident and the medical bills for the 0 and $30,000, respectively), the umbrella policy will cover $10,000 of th How to Protect Against This Loss An earthquake destroys the deck of the home, causing $20,000 in damage. A burglar steals a piece of art (valued at $85,000 ) from his living room. The laptop he uses for work is stolen out of his car. In addition to these policies, he is considering an umbrella liability insurance policy with limits of $1 million. Which of the following statements regarding umbrella policies are true? Check all that apply. If Stelios causes an automobile accident and the medical bills for the other driver and his or her passenger are $110,000 ( $80,000 and $30,000, respectively), the umbrella policy will cover $10,000 of the cost. The cost of the additional umbrella policy is high and is only worth that cost if Stelios is wealthy. If Stelios is sued by a client and must pay $110,000 in damages, his umbrella policy will pay the $10,000 above the limits of his professional liability policy