Question
In: Finance
Jerry Carter's home is currently valued, on a replacement cost basis, at $502,000. When he last...
Jerry Carter's home is currently valued, on a replacement cost basis, at $502,000. When he last checked his policy, his home was insured for $377,742 and he did not have an inflation guard endorsement. If he has a $40,010 claim due to a kitchen fire, how much will his homeowner's insurance policy pay? How much would be paid if his home were totally destroyed? In order to obtain full replacement coverage, how much insurance should Jerry carry on his house?
If he has a $40,010 claim due to a kitchen fire, his homeowner's policy would pay $_____ (Round to the nearest dollar.)
Solutions
Expert Solution
1: Amount paid = amount of claim since it is within insured amount
= $40010
2: Amount paid = Insured amount
= $ 377742
3: To get full replacement coverage, amount of insurance = Replacement cost of the house
= $502,000
jeff jeffy answered 2 years agoRelated Solutions
Jerry Carter's home is currently valued, on a replacement cost basis, at $244,000. When he last...
Jerry Carter's home is currently valued, on a replacement
cost basis, at $244,000. When he last checked his policy, his
home was insured for $182,354 and he did not have an inflation
guard endorsement. If he has a $17,230 claim due to a kitchen
fire, how much will his homeowner's insurance policy pay? How
much would be paid if his home were totally destroyed? In order to
obtain full replacement coverage, how much insurance should Jerry
carry on his house?...
Tom’s home is currently valued, on a replacement cost basis, at $400,000. The last time he...
Tom’s home is currently valued, on a replacement cost basis, at
$400,000. The last time he checked his home was insured for
$300,000 and he did not have an inflation guard endorsement. If he
has a $40,000 claim due to a kitchen fire, how much will his
homeowner’s insurance policy pay? How much would he be paid if his
home were totally destroyed? In order to obtain full replacement
coverage, how much insurance should Tom carry on his house?
Jerry is a district manager for Home Depot and he recently implemented a new safety program...
Jerry is a district manager for Home Depot and he recently
implemented a new safety program in the 8 stores he manages. He
would like to know if this new program has resulted in fewer
accidents than other Home Depot stores. Jerry knows that the
average number of accidents at any Home Depot is 4.2 a month with a
standard deviation of 1.1. Jerry’s has the following accident data
for his 8 stores. Use a single-sample z-test to
determine the...
With the rising cost of home insurance, Danilo is thinking about switching insurers. He currently pays...
With the rising cost of home insurance, Danilo is thinking about
switching insurers. He currently pays NRMA $28.78 per week. If he
was to switch to Allianz, Danilo can choose between paying his
insurance premium either at the beginning of the year or the
beginning of the fortnight. If the annual premium with Allianz is
$2,682.74, what fortnightly payment would be corresponding to
paying annually given an interest rate of 8% p.a. compounded
weekly?
Craig owns a home with a replacement cost of $200,000 that is subject to a $100,000...
Craig owns a home with a replacement cost of $200,000 that is
subject to a $100,000 mortgage held by First Federal as the
mortgagee. Craig has the home insured for $160,000 under the HO-3
policy, and First Federal is named as mortgagee under the Mortgage
Clause. Assume there is a covered fire loss to the dwelling in the
amount of $50,000. To whom would the loss be paid?
Last year, Brett and Amber Walsh bought a home with a dwelling replacement value of $160,000...
Last year, Brett and Amber Walsh bought a home with a dwelling
replacement value of $160,000 and insured it (via an HO-5 policy)
for $141,000. The policy reimburses for actual cash value and has a
$250 deductible, standard limits for coverage C items, and no
scheduled property. Recently, burglars broke into the house and
stole a 3-year-old television set with a current replacement value
of $1,400 and an estimated useful life of 10 years. They also took
jewelry valued at...
Last year, Thea and Rory Brown bought a home with a dwelling replacement value of $200,000...
Last year, Thea and Rory Brown bought a home with a dwelling
replacement value of $200,000 and insured it (via an HO-5 policy)
for $166,000. The policy reimburses for actual cash value and has a
$250 deductible, standard limits for coverage C items, and no
scheduled property. Recently, burglars broke into the house and
stole a 2-year-old television set with a current replacement value
of $900 and an estimated useful life of 8 years. They also took
jewelry valued at...
Last year, Brett and Amber Walsh bought a home with a dwelling replacement value of $160,000...
Last year, Brett and Amber Walsh bought a home with a dwelling
replacement value of $160,000 and insured it (via an HO-5 policy)
for $141,000. The policy reimburses for actual cash value and has a
$250 deductible, standard limits for coverage C items, and no
scheduled property. Recently, burglars broke into the house and
stole a 4-year-old television set with a current replacement value
of $1,100 and an estimated useful life of 10 years. They also took
jewelry valued at...
Last year, Paul and Joanna Stillman bought a home with a dwelling replacement value of $200,000...
Last year, Paul and Joanna Stillman bought a home with a
dwelling replacement value of $200,000 and insured it (via an HO-5
policy) for $176,000. The policy reimburses for actual cash value
and has a $500 deductible, standard limits for coverage C items,
and no scheduled property. Recently, burglars broke into the house
and stole a 3-year-old television set with a current replacement
value of $700 and an estimated useful life of 9 years. They also
took jewelry valued at...
1, a)Carolyn owns a home with a replacement cost of $400,000 that is insured under a...
1,
a)Carolyn owns a home with a replacement cost of $400,000 that
is insured under a Homeowners 3 policy for $260,000. The roof was
badly damaged in a severe windstorm, and it will cost $20,000 to
repair the roof. The actual cash value of the loss is $15,000.
Ignoring any deductible, how much will Carolyn collect from the
insurer?
b) Carolyn owns a home with a replacement cost of $400,000 that
is insured under a Homeowners 3 policy for $340,000....
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- From 1965 to present, feminism sought to critique mainstream American society in order to challenge proscribed...
- For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional...
- Paymaster Enterprises has arranged to finance its seasonal working-capital needs with a short-term bank loan. The...
- TOWS matrix of WOW MOMO
- Write an anecdotal lead with a person focus from the following information; include a nut graph....
- Step 1 Picture yourself as a Senior Product Manager in your favorite industry. This could be...
- Gauss Jordan elimination using python for a 2d list (3x3) without using any library. Thanks
ADVERTISEMENT