Jack is a university graduate specializing in Human Resource Management. He owns a high mileage 1998 Ford that has a current market value of $2,500. The current replacement value of his clothes, television set, stereo set, cell phone, and other personal property in a rented apartment totals $10,000. He wears disposable contact lenses, which cost $200 for a six-month supply. He also has a waterbed in his rented apartment that has leaked in the past. An avid runner, Jack runs five miles daily in a nearby public park that has the reputation of being extremely dangerous because of drug dealers, numerous assaults and muggings, and drive-by shootings, Michaels parents both work to help him pay his tuition.

There are numerous definitions of insurance, based on the definition of insurance stated in the text, indicated whether each of the following guarantees is considered insurance.

1. A television set is guaranteed by the manufacturer against defects for 90 days.
2. A new set of radial tires is guaranteed by the manufacturer against road defects for 50,000 miles.
3. A builder of new homes gives a 10-year guarantee against structural defects in the home.
4. A cosigner of a note agrees to pay the loan balance if the original debtor defaults on the payments.
5. A large group of home owners agrees to pay for losses to homes that burn during the year because of the fire.