M1LE2 Hand-In Assignment Instructions: Provide your response in the space provided after each question. Please show as much work as possible to clearly show the steps you used to find the solution. Be sure to save your completed work as M1LE2_Assignment_username.docx when done. 1. Jim Downey is renting an apartment. The contents of his apartment are worth $60 000. He wants a Tenant's Package Policy with a $500 deductible and standard coverage. Find his annual premium. 2. A property is insured for $200 000 with a $500 deductible. A fire in the garage causes damages of $80 000 to the home. How much money can the owner expect to receive from the insurance company? Explain your reasoning. Total amount insured= $200,000 Total damage= $80,000 Deductible amount = $500 Therefore, the owner can expect to receive $79,500 because the insurance company will subtract the $500 deductible from the total damage of $80,000 and pay the remaining amount ($79,500). 3. Rashida Dunn bought a house in Metro Winnipeg and wishes to insure it. The house and contents are calculated to be worth $250 000. She would like a $200 deductible with comprehensive coverage. Calculate her annual premium.