Question
Upload an Excel spreadsheet with your calculation/answers to the following: a.) Last year, Eleanor and Felix Knight bought a home with a dwelling replacement value
Upload an Excel spreadsheet with your calculation/answers to the following:
a.) Last year, Eleanor and Felix Knight bought a home with a dwelling replacement value of $350,000 and insured it (via an HO-5 policy) for $310,000. The policy reimburses for actual cash value and has a $500 deductible, standard limits for coverage C items (Loss from jewelry theft is limited to $1,000, and payment for theft of silverware, goldware, and pewterware has a $2,500 limit.) , and no scheduled property. Recently, burglars broke into the house and stole a 2-year-old television set with a current replacement value of $600 and an estimated useful life of 8 years. They also took jewelry valued at $1,850 and silver flatware valued at $3,000.
- If the Knights' policy has an 80% co-insurance clause, do they have enough insurance?
- Assuming a 50% coverage C limit, calculate how much the Knights would receive if they filed a claim for the stolen items.
b.) Finn Stone has a PAP with coverage of $25,000/$50,000 for bodily injury liability, $25,000 for property damage liability, $5,000 for medical payments, and a $500 deductible for collision insurance. How much will his insurance cover in each of the following situations? Will he have any out-of-pocket costs?
- Finn loses control and skids on ice, running into a parked car and causing $3,785 damage to the unoccupied vehicle and $2,350 damage to his own car.
- Finn runs a stop sign and causes a serious auto accident, badly injuring two people. The injured parties win lawsuits against him for $30,000 each.
- Finn's 18-year-old son borrows his car. He backs into a telephone pole and causes $1,450 damage to the car.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started