Exam 7: Insurance

Beckett International LLC offers its employees healthcare coverage for which the company pays $80 of each employee's premium per month. The individual annual premium is $1,920. If the employee wishes to cover their family, an additional $95 is added to the individual monthly premium. What is the employee's monthly premium for family health coverage?

An Excel spreadsheet is being used to track insurance payments for homeowners insurance with a coinsurance clause. The following are the column headings: A is Replacement Value of the Building, B is Face Value of the Policy, C is Coinsurance Clause Percent, D is Amount of Insurance Required, E is Amount of Loss, F is Percent of Loss Insurance Will Pay, and G is Amount of Loss Insurance Will Pay. What is the formula to determine the percent of loss insurance will pay in Row 15?

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

Patrick is planning on buying a restaurant valued at $235,000. If Patrick buys an 80% coinsurance policy, how much coverage will he have for the restaurant?

Determine the annual premium due for property insurance for $215,000 coverage at $4.25 per $1,000.

Elizabeth and Darcy own an interior design business. They want to set up group health insurance for themselves and their 4 employees. Each policy will cost $2,700 annually. What is the monthly premium for each employee if the company covers $100 of the monthly premium?

The _____________ is the payment to the insurance company for the insurance policy.

Adrienne carries 25/50/10 liability insurance on her car. She was recently in an accident where she was at fault. The other driver, Madeleine, had $5,500 worth of personal injury and $9,500 damage to her car. Adrienne had $8,600 in damages to her car. Which will not be covered by Andrienne's insurance?

A ________________ clause allows the insured to bear part of the loss when there is damage to the property insured.

The Dairy Barn has an 80% property coinsurance policy on their building, valued at $60,000. The store suffers $22,000 in fire damage. The owners have insuranced the store for $40,000. How much will the insurance company pay?

Which type of insurance pays for damages to the insured person's vehicle as the result of vandalism?

Term life insurance is a type of insurance policy that is limited to the life of the person for whom the policy was purchased.

What is the annual premium for a $200,000 term life insurance policy with a cost per $1,000 of $3.20?

___________________ protects the insured against property damage caused by another driver without liability insurance.

Leonard uses Excel to track life insurance coverage and cost for his clients. Column B contains the amount of coverage, and Column C contains the cost per thousand. What is the formula that he should key in Cell D9 to calculate the annual premium and in Cell E9 for the monthly premium?

Which amount will the insurance company pay on a claim filed by a business insured for 80% of the value with an 80% coinsurance plan, where the value of the business is $190,000 and the loss is $165,000?

A small business owner uses an Excel spreadsheet to calculate the costs of various health insurance options for her employees. The individual annual premium is in cell B5. The employers monthly contribution is in Cell D9 and the monthly cost of the family option is in cell B6. Which multimath formula should be entered in Cell E9 to calculate the monthly premium for an employee who selects the individual-only healthcare?

Calculate the individual monthly premium for an employee whose annual premium is $1,860 and whose employer contributes $65.50 per month.

If the Townsend family pays $4.10 per $1,000 of property insurance, and their insurance bill is $758.50 annually, what is the amount of coverage on their home?

What amount of property insurance coverage is needed to equal 80% of the property value of a home valued at $162,000?