Question

In: Accounting

46.Which of the following is covered under 'Additional Coverages' of a homeowners policy? Select one: a....

46.Which of the following is covered under 'Additional Coverages' of a homeowners policy?

Select one:

a. Loss caused to or by glass or safety glazing material

b. The neighbor's lawnmower that you have borrowed

c. Homes plagued with toxic mold which needs lengthy remediation

d. Attached garage

e. Detached garage

47.Reserving liabilities involves the calculation of the amount that the insurer needs to set aside to pay future claims. It's equivalent to the _____ of a nonfinancial firm.

Select one:

a. assets

b. reserves

c. market value

d. equity

e. debt

48.Under this common law defense, if an employee was injured through negligence of the employer but was partly at fault, the employer was relieved of responsibility for the injury. Identify this common law defense.

Select one:

a. Fellow-servant rule

b. Assumption of risk

c. Attractive nuisance

d. Concurrent negligence

e. Contributory negligence

49.Which of the following refers to activities that are taken to reduce or eliminate risks?

Select one:

a. Securitization

b. Amortization

c. Depreciation

d. Hedging

e. Risk retention

50.In compromising between the interests of employees and those of employers, the originators of workers' compensation systems limited the benefits available to employees to some amount less than the full loss. They also made those benefits the sole recourse of the employee against the employer for work-related injuries. This give-and-take of rights and duties between employers and employees is termed:

Select one:

a. quid pro quo.

b. stare decisis.

c. ratio decidendi.

d. uberrimae fidei.

e. obiter dictum.

Expert Solution

46. The correct answer will be option (a)Loss caused to or by glass or safety glazing material. It is the only option that is covered under 'Additional Coverages' of a homeowners policy. The other options (b), (c), (d) and (e) are not covered under 'Additional Coverages' of a homeowners policy.

47. The correct answer will be option (e) debt. It is because when a non financial firm starts reserving liabilities which involves the calculation of the amount that the insurer needs to set aside to pay future claims then it is it's debt.The other options (a), (b), (c) and (d) are not correct due to the above reason.

48. The correct answer will be option (e) contributory negligence. It is because if an employee was injured through negligence of the employer but was partly at fault, the employee was guilty of contributory negligence. Any contributory negligence, regardless of how slight, relieved the employer of responsibility for the injury.The other options (a), (b), (c) and (d) are not correct due to the above reason.

49. The correct answer will be option (d) Hedging. It is because hedging is a risk management strategy employed to offset losses in investments by taking an opposite position in a related asset. The other options (a), (b), (c) and (e) are not correct due to the above reason.

50. The correct answer is option (a) quid pro quo. It is because the give-and-take of rights and duties between employers and employees is termed quid pro quo (Latin for “this for that”). The intent was for the give and take to have an equal value on an average. The other options (b), (c), (d) and (e) are not correct due to the above reason.

ekkarill92 answered 1 year ago

Which of the following losses is not covered under the personal auto policy? Select one: a....

Which of the following losses is not covered under the personal auto policy? Select one: a. liability for injuries to a pedestrian caused by the negligence of the insured driver b. physical damage to the personal property in the car of the insured driver who is negligent c. bodily injury losses caused to the insured by a driver without liability insurance d. theft of the insured vehicle The standard HO-3 policy will NOT cover which of the following losses? Select...

1. Describe who is covered/protected by the Homeowners Policy. 2. Describe the four coverages found in...

1. Describe who is covered/protected by the Homeowners Policy. 2. Describe the four coverages found in Section One (Property Coverage) of the Homeowners Policy. Give an example of a loss covered by each section. 3. Describe the two coverages found in Section Two (Personal Liability) of the Homeowner’s Policy. Give an example of a loss covered by each section. 4. What is the difference between a “named perils” policy and an “open perils” policy? 5. List and briefly explain the...

A. Which of the following losses in not covered by a standard homeowners policy? A. Personal...

A. Which of the following losses in not covered by a standard homeowners policy? A. Personal vehicle. B. Personal liability. C. Theft. B. The standard form of the homeowners policy excludes which of the following? A. Theft. B. Fire and other perils. C. Animals, birds, and fish.

Indicate whether the following losses are covered under Section II of the homeowners policy. Assume there...

Indicate whether the following losses are covered under Section II of the homeowners policy. Assume there are no special endorsements and no deductible. Give reasons for your answers. 1. The named insured’s dog bites a neighbor’s child 2. The named insured's dog eats a neighbor's coat. 3. A neighbor’s child falls off a swing in the named insured’s yard and breaks an arm. 4. The named insured falls on his icy sidewalk and breaks a leg. 5. While driving to...

Homeowners policy provides coverage for all of the following except: Select one: a. equipment used for...

Homeowners policy provides coverage for all of the following except: Select one: a. equipment used for maintenance of the premises. b. jewelry, furs, and guns. c. property of boarders not related to the insured. d. a shed used to store tools on the premises.

List four additional property coverage items included under the standard Homeowners Insurance Policy

which one of these is covered by a specific type of insurance policy?

Question 6 of 10 Homeowners insurance gives you both property and liability protection. True FalseQuestion 7 of 10 Which of these is the best description of the "special" (HO-3) homeowners insurance policy? It offers extensive coverage for your home and also includes personal property and liability protection It's the most comprehensive policy available, covering even flood damage Continue Screenshot savedQuestion 8 of 10Liability protection covers both personal liability and the medical expenses of anyone accidentally injured on your property. True FalseQuestion 9 of 10 Which area is...

Which of the following statements about covered perils under an unendorsed HO-3 policy is true?

Which of the following statements about covered perils under an unendorsed HO-3 policy is true?a) the dwelling is covered on a named-peril basis but the other structures are covered on an open-peril basisb) both the dwelling and other structures are covered on a named-peril basisc) the dwelling is covered on an open-peril basis but other structures are covered on a named-peril basisd) both the dwelling and other structures are covered on an open-peril basis

Bill Davis has a Homeowners policy, which is the same as your sample policy. One day,...

Bill Davis has a Homeowners policy, which is the same as your sample policy. One day, Bill’s 8-year-old resident son decides to intentionally throw a rock through his neighbor’s picture window. It costs $900.00 to repair the window. Is this damage payable under Bill’s Homeowners policy? Select one: a. Yes—under Coverage E—Personal Liability b. Yes—under the Damage To Property of Others section. c. No—Section I of Bill’s policy doesn’t cover damage to a neighbor’s house d. No—the act was intentional...

The Personal Injury endorsement to a homeowners policy adds an additional liability insuring agreement expanding the...

The Personal Injury endorsement to a homeowners policy adds an additional liability insuring agreement expanding the homeowners policy to cover personal injury liability claims, which includes all of the following, EXCEPT: a-Publishing oral or written material involving libel, slander, or invasion of privacy b-False arrest, detention, or imprisonment c-Malicious prosecution d-Intentionally publishing material knowing it to be false

Question

46.Which of the following is covered under 'Additional Coverages' of a homeowners policy? Select one: a....

Solutions

Expert Solution

Related Solutions

Which of the following losses is not covered under the personal auto policy? Select one: a....

1. Describe who is covered/protected by the Homeowners Policy. 2. Describe the four coverages found in...

A. Which of the following losses in not covered by a standard homeowners policy? A. Personal...

Indicate whether the following losses are covered under Section II of the homeowners policy. Assume there...

Homeowners policy provides coverage for all of the following except: Select one: a. equipment used for...

List four additional property coverage items included under the standard Homeowners Insurance Policy

which one of these is covered by a specific type of insurance policy?

Which of the following statements about covered perils under an unendorsed HO-3 policy is true?

Bill Davis has a Homeowners policy, which is the same as your sample policy. One day,...

The Personal Injury endorsement to a homeowners policy adds an additional liability insuring agreement expanding the...