Kyoko is the owner of a 15-year-old home, and is looking to buy a homeowner's insurance policy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so on, she also wants insurance for damage caused by malfunctioning of internal structures like air conditioning or plumbing. Based on the peril coverage it offers, she purchases an HO-8 insurance policy. Her home has a replacement value of $250,000, therefore she insures her home for the minimum legal requirement of Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following: Damage to personal property: Detached buildings: Loss of Use (Additional living expenses): Property damage: Insuring While Away at College Kyoko's son, Jacques, is a college student living in a campus dormitory. He drives a car that she parks on the street and wants to make sure the full value is insured. Which of the following statements regarding Jacques's insurance needs are true? Check all that apply. O Jacques should purchase an HO-4 broad form insurance policy because he is not covered under his parents' policy. O He should tell the insurance agency that he parks in a garage to save money on premiums O His property is covered up to 10% of the coverage on the home Ho-6, HO-3, HO-2, HO-8, HO-4, HO-1. Insuring a Condominium Kyoko's parents own a condominium that they fully insured for the replacement value of $150,000. Last year a portion of their roof collapsed due to the weight of snow after a severe storm, rendering the condo uninhabitable for the month that it took to complete repairs. Based on the coverage details of their condominium form insurance policy, the additional living expenses they incur as a result of the damage (such as the cost of staying in a hotel during the repairs)
Kyoko is the owner of a 15-year-old home, and is looking to buy a homeowner's insurance policy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so on, she also wants insurance for damage caused by malfunctioning of internal structures like air conditioning or plumbing. Based on the peril coverage it offers, she purchases an HO-8 insurance policy. Her home has a replacement value of $250,000, therefore she insures her home for the minimum legal requirement of Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following: Damage to personal property: Detached buildings: Loss of Use (Additional living expenses): Property damage: Insuring While Away at College Kyoko's son, Jacques, is a college student living in a campus dormitory. He drives a car that she parks on the street and wants to make sure the full value is insured. Which of the following statements regarding Jacques's insurance needs are true? Check all that apply. O Jacques should purchase an HO-4 broad form insurance policy because he is not covered under his parents' policy. O He should tell the insurance agency that he parks in a garage to save money on premiums O His property is covered up to 10% of the coverage on the home Ho-6, HO-3, HO-2, HO-8, HO-4, HO-1. Insuring a Condominium Kyoko's parents own a condominium that they fully insured for the replacement value of $150,000. Last year a portion of their roof collapsed due to the weight of snow after a severe storm, rendering the condo uninhabitable for the month that it took to complete repairs. Based on the coverage details of their condominium form insurance policy, the additional living expenses they incur as a result of the damage (such as the cost of staying in a hotel during the repairs)
Chapter11: Planning For Health Care Expenses
Section: Chapter Questions
Problem 2FPC
Related questions
Question
100%
Transcribed Image Text:Detached buildings:
Q
Loss of Use (Additional living expenses):
Property damage:
Insuring While Away at College
A
eturn
Kyoko's son, Jacques, is a college student living in a campus dormitory. He drives a car that she parks on the street and wants to make sure the full
value is insured. Which of the following statements regarding Jacques's insurance needs are true? Check all that apply.
O Jacques should purchase an HO-4 broad form insurance policy because he is not covered under his parents' policy.
shift
O He should tell the insurance agency that he parks in a garage to save money on premiums
O His property is covered up to 10% of the coverage on the home
Ho-6, HO-3, HO-2, HO-8, HO-4, HO-1.
op
Insuring a Condominium
Kyoko's parents own a condominium that they fully insured for the replacement value of $150,000. Last year a portion of their roof collapsed due to
the weight of snow after a severe storm, rendering the condo uninhabitable for the month that it took
complete repairs. Based on the coverage
details of their condominium form
însurance policy, the additional living expenses they incur as a result of the damage (such as the cost of
staying in a hotel during the repairs)
Cwill be reimbursid up to 20% OfeMe persMEQUm
or 2- wore not ligible for
OY 3- will be veimbuised up to 40% of the per senal...
Or 4- will not be
Save & Continue
Continue without saving
Uteim bur sid
https://aplia.apps.ng.cengage.com/af/servlet/quiz?quiz_action=ta...ctx=Dbigelow-0001&ck=m_1605142860516 OAAA07B2017437A5C20CBD7E0000
Page 1 of 1
Transcribed Image Text:Insuring a Standard Home
Kyoko is the owner of a 15-year-old home, and is looking to buy a homeowner's insurance policy. She feels it would be overly cautious to purchase
protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so on, she also wants insurance for damage caused by
malfunctioning of internal structures like air conditioning or plumbing. Based on the peril coverage it offers, she purchases an HO-8
insurance
policy.
Her home has a replacement value of $250,000, therefore she insures her home for the minimum legal requirement of
Assuming she
does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum dollar value of
reimbursement she can receive for each of the following:
Damage to personal property:
n
Detached buildings:
Loss of Use (Additional living expenses):
Property damage:
Insuring While Away at College
Kyoko's son, Jacques, is a college student living in a campus dormitory. He drives a car that she parks on the street and wants to make sure the full
value is insured. Which of the following statements regarding Jacques's insurance needs are true? Check all that apply.
O Jacques should purchase an HO-4 broad form insurance policy because he is not covered under his parents' policy.
O He should tell the insurance agency that he parks in a garage to save money on premiums
O His property is covered up to 10% of the coverage on the home
Ho-6 HO-3, HO-2, HO-8, HO-4, HO-1.
Insuring a Condominium
Kyoko's parents own a condominium that they fully insured for the replacement value of $150,000. Last year a portion of their roof collapsed due to
the weight of snow after a severe storm, rendering the condo uninhabitable for the month that it took to complete repairs. Based on the coverage
details of their condominium form
insurance policy, the additional living expenses they incur as a result of the damage (such as the cost of
staying in a hotel during the repairs)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning