1. While driving the Coupe, Shaela causes $50,000 of bodily injury and $15,000 of property damage to the other vehicle. She causes $3,000 of damage to her car. Insurance: Franklin: 2. Mr. Franklin has a television and DVD player stolen from the 2000 Grand Sedan. They were valued at $900 together. The thief also broke the window in the process that will cost $550 to replace. Insurance: Franklin: 3. Mrs. Franklin parks with pickup on a street covered with leaves. The leaves catch on fire and damage the pickup for $3,000. Insurance: Franklin:

1. While driving the Coupe, Shaela causes $50,000 of bodily injury and $15,000 of property damage to the other vehicle. She causes $3,000 of damage to her car. Insurance: Franklin: 2. Mr. Franklin has a television and DVD player stolen from the 2000 Grand Sedan. They were valued at $900 together. The thief also broke the window in the process that will cost $550 to replace. Insurance: Franklin: 3. Mrs. Franklin parks with pickup on a street covered with leaves. The leaves catch on fire and damage the pickup for $3,000. Insurance: Franklin:

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter10: Protecting Your Property

Section: Chapter Questions

Problem 6FPE

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Gussie Fring has 100/300/50 automobile insurance coverage, and was involved in a very serious accident. One person sustained $200,000 in medical claims, and two other people are awarded a total of $135,000 each for injuries in an auto accident in which Gussie was judged at fault. How much, if any, of this judgment would the insurance not cover?
1. Calculating property loss claim coverage. Most home insurance policies cover jewelry for $1000 and silverware for $2500 unless items are covered with additional insurance. If $3800 worth of jewelry and $2800 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance? 2. Computing actual cash value coverage. What amount what a person with actual cash value (ACV) Coverage receive for two-year-old furniture destroyed by fire? The furniture would cost $1000 to replace today and had an estimated life of five years. 3. Determining replacement cost. What would it cost an insurance company to replace a family's personal property that originally cost $42,000? The replacement cost for the items have increased 15%. Please show answer, explanation, and formula