Exam 7: Insurance

A _________________ is the person or persons designated to receive the proceeds of a life insurance policy in the event of the insured's death.

The Weinmans own a clothing store which they cover with an 80% coinsurance policy. If the value of the hardware store is $124,000, what is the Weinman's amount of coverage?

A barbershop suffers $65,000 in fire damage. The shop is insured for $145,000 and has a value of $225,000. There is an 80% coinsurance fire policy. How much will the insurance company pay?

Anchors Away Charter Boats purchased a second marina valued at $565,000. Their insurance company quoted them $3.75 per $1,000 for insurance. How much would a two-year property insurance premium cost?

What is the annual premium for a $125,000 term life insurance policy quoted at $2.95 per $1,000?

Collision insurance coverage pays for property damages that the insured causes to another vehicle in an accident.

Guiseppe's restaurant is valued at $182,000. The shop is insured for $130,000. Guiseppe has an 80% coinsurance policy, and they have a fire which causes $150,000 in damage. How much will Guiseppe have to personally pay for damages?

What amount of property insurance coverage is needed to equal 80% of the property value of a home valued at $332,000?

Barrett Corporation has contracted with Allied Health Care for a group health insurance plan. Barrett will pay $120 of each employee's premium per month. The individual annual premium is $1,750. An additional $90 is added to the individual monthly premium for family coverage. What is the employee's monthly premium for individual and family health coverage?

The Carlisles insure their home for $190,000. The annual insurance premium is $5.95 per $1,000 of insurance. How much is the Carlisle's premium?