Sh13Please help me. Solution For each of the following situations, what amount would the insurance company pay? (Leave no cells blank - be certain to enter "0"wherever required.)a. Wind damage of $2,000; the insured has a deductible of $600.Insurance paymentb. Theft of a stereo system worth $2,400; the insured has a deductible of $600.Insurance paymentc. Vandalism that does $550 of damage to a home; the insured has a deductible of $600.Insurance payment

Insurance deductible pertains to the amount of money on an insurance claim that you would pay before…

Answered: For each of the following situations,…

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 55P

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For each of the following situations, what amount would the insurance company pay? (L° L08.2) Wind damage of $1,835; the insured has a deductible of $500. Theft of a stereo system worth $4,000; the insured has a deductible of $500. Vandalism that does $425 of damage to a home; the insured has a deductible of $500.
Mandren Inc. has a fire insurance policy from the Blundi Insurance Company with a 90% coinsurance clause based on replacement cost. The replacement cost of the building is $600,000. The face amount of the policy Mandren purchases is $400,000. If a covered loss in the amount of $550,000 occurs, how much will Mandren collect from their insurer?
At the beginning of 2009, a company purchased a fire insurance policy covering a property for a period of two years. The P5,600 cost of the policy was paid in cash. At the end of 2009, the company will reduce Prepaid insurance for this policy by Group of answer choices P0 P467 P5,600 P2,800
Eddie's Automotive has four locations insured on a Building and Personal Property Coverage Form with 90% coinsurance. The policy limits on business personal property are scheduled at each store are as follows: Store 1: Limit of Insurance = $104,000 Store 2: Limit of Insurance = $270,000 Store 3: Limit of Insurance = $180,000 Store 4: Limit of Insurance = $180,000 Eddie's suffers a loss at Store 1. The value of destroyed property is $115,000, A. How much will Eddie's policy pay before application of the deductible? B. Why?
3. A homeowner’s house is insured at $950,000. The insurer requires 75% coverage for full insurance. The home sustains $25,300 damage from fire. Thepolicy has a deductible of $10,000, which decreases linearly to zero whenthe total cost of the loss is $20,000. The house is valued at $1,360,000.How much does the insurer reimburse?
Southern motors (seller) agreed to sell to Mr. Bean (Buyer) a specific dump truck for 1,500,000.00 for delivery cash on delivery and the payment of the price to be made on October 15 but Mr. Bean failed to pay the price. What are the remedies of southern motors?
Virginia has business property that is stolen and partially destroyed by the time it was recovered. She receives an insurance reimbursement of $6,000 on property that had a $14,000 basis and a decrease in market value of $10,000 due to damage caused by the theft. What is the amount of Virginia's casualty loss? $14,000 $8,000 $10,000 $4,000 None of the above
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?
Write double entry? On 7 November 2021 there was a fire in the warehouse, in which inventory valued at $12,000 was destroyed. Under the terms of the insurance contract, the insurance company has stated that it will only pay out the first $3,000 of the claim. No entries have yet been made to record this.
Finn Stone has a PAP with coverage of $15,000/$30,000 for bodily injury liability, $15,000 for property damage liability, $5,000 for medical payments, and a $1,000 deductible for collision insurance. How much will his insurance cover in each of the following situations? Will he have any out-of-pocket costs? Round the answers to the whole dollar, if necessary. Leave no cells blank, be sure to enter "0" wherever required. Finn loses control and skids on ice, running into a parked car and causing $3,635 damage to the unoccupied vehicle and $4,165 damage to his own car. Total paid by the insurance company: $ Finn's out-of-pocket costs: $ Finn runs a stop sign and causes a serious auto accident, badly injuring two people. The injured parties win lawsuits against him for $44,000 each. Total paid by the insurance company: $ Finn's out-of-pocket costs (for both victims): $ Finn's 18-year-old son borrows his car. He backs into a telephone pole and causes $1,300…
Home insurance policies may cover jewelry for $1,000 and silverware for $2,500 unless these items are covered with additional insurance. If $3,300 worth of jewelry and $2,100 worth of silverware were stolen from a family, and the policy has a deductible of $1,000, what amount of the claim would not be covered by insurance?
please consider the following questions :Student A buy a traffic insurance and the ferasures are as following.if the driver knocks down someone else on purpose, no payment.there is a limit of max payment of $6,000.any fees happened under $800 should be covered by the investors.the investor also needs to pay 20% out of his own pocket. student A causes an accident and a loss of $12,000. How much can he claim from the insurance company?

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