Exam 10: Property and Liability Insurance

While you were visiting a friend,someone robbed their apartment and stole your laptop computer.Unfortunately,they did not have renter's insurance.Where can you look for help to replace your computer?

Give the three basic factors that determine the cost of your homeowner's insurance.List the possible ways of saving money on premiums.

Which of the following statements best describes the 80 percent rule?

If you have a significant amount of assets,most financial planners recommend the following automobile liability insurance limits.

Your best friend's apartment has just been robbed,and he had no insurance.What would you suggest to your friend to better protect himself from such losses in the future?

No-fault insurance only pays for your losses if you were not at fault in the accident.

Explain Section I: Property Coverage for HO-2 and HO-3 policies.

To make sure all of your personal property is paid for in the event of a loss,it is a good idea to make an inventory of all household contents.Tell what should be included.

Young ________ generally pay the most for their insurance,because they have a statistically greater chance of having an accident.

A(n)________ is an insurance company that distributes its products to customers without the use of agents.

The personal automobile policy (PAP)provides broad coverage,but there are a number of standard exceptions.Give five of them here.

Fire,theft,and windstorm damage are examples of

Your backyard shed was damaged by a windstorm.Your coverage is based under Coverage D: Loss of Use.

Brandi thought it quite funny to have a decorative outhouse put on her property as a conversation piece.This structure is covered under Coverage A: Dwelling on her home owners policy.

Deon tried to merge onto the Atlantic Expressway and caused a three-car accident.He has automobile insurance with limits of 50/100/25.What is the maximum amount that his insurance company will pay for the bodily injury liability claims?

You have liability only coverage on your car.It was damaged in the parking lot by a hit-and-run driver.What coverage do you have for your damages?

Your home and property have a market value of $200,000.Since you want to make sure that you meet the coinsurance provisions,you should have at least ________ of insurance.

You want to make an informed choice in buying auto insurance.You have studied the major cost determinants.Write a report in first person telling how they will affect you.

For a minor traffic accident,it is not necessary to call the police if you plan on submitting a claim to your insurance company.

Why is it a good idea for you to purchase uninsured and underinsured motorist coverage?