e insured owns a personal umbrella liability insurance policy that has been in effect for more than 5 years. The insurance company will be able to nonrenew the policy for all of the reasons indicated below except The insured was convicted of a misdemeanor The insured’s producer had its agency contract terminated by the insurance company The primary automobile insurer is not A-rated for financial solvency The insured’s home was damaged due to weather related losses only

e insured owns a personal umbrella liability insurance policy that has been in effect for more than 5 years. The insurance company will be able to nonrenew the policy for all of the reasons indicated below except The insured was convicted of a misdemeanor The insured’s producer had its agency contract terminated by the insurance company The primary automobile insurer is not A-rated for financial solvency The insured’s home was damaged due to weather related losses only

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 47P

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Sharp Accounting rents a floor in an office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form Provides a lower premium rate than direct property insurance on the covered real property. Contains a coinsurance condition that applies to property in Sharp's custody. Contains a deductible that applies to damage caused by Sharp. Provides coverage for property of others in Sharp's custody regardless of fault.
You carry 25/50/25 coverage on your automobile. You are involved in an accident in which you are eventually held responsible for the following damages: other driver, $25,000; passenger 1, $20,000; passenger 2, $9,000; other car, $11,000. How much is left for you to pay after your insurance company has met its obligations under your policy? 0 bodily injury; 0 property damage 0 bodily injury; $4,000 property damage $4,000 bodily injury; 0 property damage $9,000 bodily injury; $4,000 property damage
Your insured has an O.A.P. 1 Owner's Policy with $1,000,000 Liability, standard Accident Benefits and All Perils coverage. Near Sudbury, Ontario he/she rear-ends another automobile and is found liable for the accident. Your insured's vehicle is a total loss. Your insured is convicted of impaired driving. Which one (1) of these statements is true? Insured's policy will pay - for the damage to the third party vehicle and subrogate against your insured. nothing for the damage to your insured's car because he/she was impaired. Third party damage will be paid by third party's insurer. for the damage to the third party vehicle with no right to for the damage to the third party vehicle with no right to subrogate against your insured. for your insured's collision loss only.
. An insured dies in a fire at his/her home caused by careless smoking. What action will the insurer of the dwelling take? Deny the loss to building and contents as the insured caused the fire. Pay the loss to the building and contents to the insured's estate. Pay the building and contents loss into Court in trust. Be unable to pay the property loss as the named insured is no longer available to sign the proof of loss.
Your insured is a tenant in an apartment building and has a Tenants Comprehensive policy arranged by your office. Due to his/her negligence, a fire occurs seriously damaging his/her own apartment and causing substantial damage to the apartments on the same floor. Which section of the Liability coverage would pay for building damage to his/her apartment • Voluntary Payment for Damage to Property (Coverage G). • Personal Liability (Coverage E). • No coverage. Property is rented or in his/her care, custody or control. • Not applicable. The loss would be covered under the Property section of his/her Tenants Comprehensive policy.
Which of the following items would not automatically be covered under an HO-3 form? the insured’s driveaway, if damaged by falling object The insured’s pedigreed collie valued at $6000 or $7000 A lawnmower in the insured’s garage personal property of the insured’s daughter who is away from college
Under a Personal Auto policy, an insured MUST take which of the following acts after a covered loss? Hire an appraiser to evaluate the loss Notify a public adjuster of the loss Take reasonable steps to protect the vehicle from further damage Pay any additional premiums owed on the policy
Which one (1) of the following statements regarding the Uninsured Automobile Coverage in your insured's O.A.P. 1 Owner's Policy is correct?•It provides coverage for liability to others in case your insured forgets to renew his/her policy.•It only covers bodily injury but never accidental damage to the insured's own automobile.•It includes a certain amount of coverage for accidental damage to the insured's automobile caused by a hit and run automobile, where neither the owner nor driver of the other automobile is identified.•It includes a certain amount of coverage for accidental damage to the insured's automobile provided the owner or driver of the uninsured automobile is identified.
You are the named insured under a PAP in which the only vehicle described in the policy Declarations is a Ford Explorer. A car thief steals your Explorer, but the police recover the vehicle 12 days later. During that time, the thief's reckless driving causes significant wear and tear to the vehicle, including major road damage to the tires, that costs $2,800 to repair and requires that the Explorer be in the repair shop for an additional 5 days after it was recovered. While the car is lost and in the shop, you spend $35 per day on cab fares to get around. Your Part D deductible is $500. How much of these losses would be covered under Part D: Coverage for Damage to Your Auto of your PAP? (Round your answer to the nearest dollar. Do NOT include a dollar sign or a comma in your answer.) Your Answer: Answer
A comprehensive general liability policy includes property damage coverage for which of the following incidents? An insured intentionally causes a fire that burns down the building in which he is the sole tenant. An insured personal property on the premises destroyed by a fire An insured repair a boiler for a dry cleaner that explodes and causes extensive damage to the building An insured leases a computer that is subsequently damaged by an employee.
An employee has basic term insurance of $100,000 along with accidental death & dismemberment (AD&D) coverage with a principal sum equal to the basic term insurance benefit. Which of the following statements about this coverage is (are) true? (Check all that apply.) if the employee loses only one hand in an accident, he will receive a benefit less than $100,000 from his AD&D policy if the employee dies as the result of a work-related illness, his beneficiary wil| receive $200,000 O If the employee loses both hands in an accident, he will receive $100,000 from his AD&D policy if the employee dies as the result of an accident, his beneficiary will receive a total of $200,000
Ms. Jannat has insured her house and furniture for Tk. 50000 contract to Green Delta Insurance Co. and only for house to Eastland Insurance co. for tk. 30000. The loss occurred due to fire and actual loss calculated for house Tk. 20000 and for furniture Tk. 5000. How much the insured has recovered from each insurer?