Answered: Which area is not protected by most…

Business

Finance

Which area is not protected by most homeowners insurance? The home Your view Loss of use Personal property

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter15: Property Transactions: Nontaxable Exchanges

Section: Chapter Questions

Problem 9DQ

See similar textbooks

Related questions

Q: Is self-insurance the same as going without insurance? Why or why not?

A: The advantages of being self-insured area unit value savings and management of the insurance…

Q: Is disaster insurance unfair to insurance companies ? Explain your answer and provide an example.

A: Disaster Insurance The meaning of disaster insurance is is different from the life insurance which…

Q: At what point would it be necessary to purchase a Personal Liability Umbrella policy?

A: Umbrella policies are relatively inexpensive so they are worth the inevstment.

Q: Risk and premiums for homeowners policies look at all of the following, EXCEPT: a) The results of…

A: The question is based on the concept of homeowners insurance policies and its premium calculation.

Q: Outline the anti-avoidance provisions as they relate to the transfer of property to a child, a…

A: General Anti-avoidance Rule (GAAR) is a concept which generally empowers the Revenue Authority in a…

Q: beneficiary of a life insurance policy is

A: Beneficiary of a life insurance policy is the person who receives money from the insurance company…

Q: How much life insurance does an individual need?

A: Meaning of life insurance:life insurance is nothing but a contract between insurance company and…

Q: What type of life insurance is the most appropriate when purchasing life insurance today? Explain

A: In life insurance is protection against death of persons for family behind So this is very important…

Q: Explain the differences between actual cash value (ACV) and replacement cost for homeowner’s…

A: The difference between actual cash value coverage and replacement cost coverage is the depreciation.…

Q: Why does group life insurance use a formula to determine the amount of insurance per employee?

A: Group term life insurance: Group term life insurance refers to a type of term insurance in which one…

Q: If you will suggest to someone, which is better to have a life insurance or non life insurance

A: Non-life insurance is also known as general, property, and casualty insurance. It's any insurance…

Q: When planning life insurance coverage, you should differentiate between ongoing expenses and…

A: The question is based on the concept used in planning life insurance coverage, Life insurance policy…

Q: Under what circumstances would you consider buying or renting a house?

A: Although both renting and buying have financial benefits, homeownership is not for everyone. Unlike…

Q: Which type of life insurance allows for the owner to choose their investment accounts? Term life…

A: Life insurance is the contract between the policyholder and insurance company where the insurance…

Q: Which of the following statements is correct about perils in property insurance policies?

A: Insurance is a contract by which the insured party is protected against losses by the Insurer in…

Q: Why would an insured inflate claims and who are the ones to suffer for it?

A: Insurance can be defined as the contract that is signed by an insurer indemnifies another person…

Q: what is life insurance

A: Life insurance in the insurance of risk done by the policy holder that pays the amount to the policy…

Q: insurance is relevant to the public an

A: Insurance is an agreement between two parties in which the insurer should pay money against which…

Q: An application for an individual Disability Income policy may require all of he following…

A: Disability income policy is an insurance policy which protects the insured against loss of monthly…

Q: what factors influence home affor whether the purchase of a home i For each, provides details as to…

A: Housing affordability is influenced by more than one factor. For buyers and sellers, understanding…

Q: If a person dies without leaving a valid will, how is the distribution of property regulated?

A: Definition: Intestate: When a decedent dies without any valid will then this situation is called…

Q: Name the coverage for auto insurance "Pays for damage or loss of your car if you are in accident." O…

A: The answer and explanation can be seen below:

Q: What are the three major classes of loss associated with the ownership or operation of an…

A: Automobile insurance is a contract between the insurer and the insurance company that protects one…

Q: what are the advantages of high deductible on home insurance

A: A percentage deductible is generally greater than a conventional flat rate based on your houses'…

Q: Which of the following is Which of the following is not a true statement? Testate refers to a…

A: Testate means a person who has died and has a valid will to be executed Whereas, Intestate means a…

Q: What are the benefits of having third-party insurance?

A: When insurance is purchased for protection against claims of other persons, the insurance is called…

Q: If a homeowner cannot get private home insurance, what are his/her choices for coverage? I. Surplus…

A: Surplus Carriers protects against a financial risk that is too high for a regular insurance company…

Q: In Property and Casualty insurance when must an Insurable interest exist? O a. At the Start of the…

A: Life insurance covers the risk of life of insured. Non-life insurance may cover people, property or…

Q: How does renter’s insurance differ from other home insurance policies?

A: Insurance is a contract between the company and the individual for protecting the specific assets…

Q: What is the purpose of the laws of distribution? Choose the correct.a. To guide the distribution of…

A: Will helps to distribute the estate of descendant to their family members. When there is no will,…

Q: Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A…

A: The answer is stated below:

Concept explainers

Liquidity Risk Exposure

Answer: c

Question

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!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions

16 Which of the following is exempt from the Illinois Real Estate License Act of 2000? O 1. executor of an estate 'O 2. farm manager 0 3. real estate referral company © 4. property manager
The standard homeowners policy contains both property and liability coverages. True or False
Question 78 of 85. Choose the response that correctly describes a condition, or conditions, that must be met for property to be considered depreciable. The property must be an item that will eventually wear out, get used up, become obsolete, or otherwise lose its value. The taxpayer must place the property in service and dispose of it within the same year. The taxpayer must either rent or own the property and use it in their business or in an income-producing activity. The useful life of the property must not exceed one year.
If certain conditions are met, which of the following properties could be classified as section 1231 property? A. Stock. B. Inventory. C. Accounts Receivable. D. Computer. E. None of the above.
What is Real Estate Investment Trust Act of 2009 (RA 9856)?
J6. Which of the following statements is correct regarding rental properties? A. Each rental property purchased that cost $50,000 or more must be placed in a separate CCA class. B. Rental losses from CCA can be used to shield income from employment or from business. C. A corporation whose principle business is property rental or leasing cannot create a loss by CCA. D. CCA deductions can create or increase a net loss from all of a taxpayer’s rental properties combined.
What are the two major treatments of a superficial loss on a sale and repurchase of identical properties by an individual? Question 6 options: a) Loss deducted and same loss added to income b) Loss disallowed and same loss added to ACB of substituted property c) Loss decreased in the year and same loss disallowed in the future year d) Loss changed to gain and same loss is adjusted to cost of sold property
In what circumstance would a property insurance claim be rejected?
Ch. 16 _______ specifies an action that the company agrees to take or a condition the company must abide by. Group of answer choices milking the property marketable claims negative covenant positive covenant
3344 An insured who wants to verify the deductible on Section I of their Homeowners policy should look at which of the following sections of the policy? a. declarations b. insuring agreements c. conditions d. limitations
Explain the exclusion for gain on sale of personal residence. Does that exclusion apply to d sale of vacation home as well?
24 These statements are presented to you for evaluation:Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the estate at its fair market value as of the time of death of the transferor.Statement II – Proceeds of life insurance policy taken by the decedent upon his own life shall be excluded from the gross estate if the designation of the beneficiary is irrevocable, whether such beneficiary is the estate or a third person.In your evaluation of the foregoing statements: Group of answer choices Only Statement II is true. Only Statement I is true. Both statements are false. Both statements are true.