Help please Homework: 5-3 MyFinanceLab: Assignment: Module Five Homework C20 Sav
ID: 2795190 • Letter: H
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Help please
Homework: 5-3 MyFinanceLab: Assignment: Module Five Homework C20 Save Score: 0 of 1 pt 6 of 6 (6 complete) Hw Score: 50%, 3 of 6 pts Problem P10-6 (similar to) Question Help Carmen Viers lost everything to a fire and has spent the last eight weeks living in a motel room at a cost of $4,715. Her dwelling, which was destroyed as a result of a lightning strike, was insured with an HO-2 policy for $311,210. Prior to the loss, her home was valued at $337,000, her detached garage and poolhouse were valued at $48,341, and her personal property had an actual cash value of $124,267. To make matters worse she sustained $10,000 in injuries while trying, unsuccessfully, to save her three Greyhound dogs valued at $6,000 each. How much of her total losses and expenses will be reimbursed if she has a $1,000 The amount of total losses and expenses she will be reimbursed if she has a $1,000 deductible is (Round to the nearest dollar.) Enter your answer in the answer box and then click Check Answer. All parts showing Clear All Check AnswerExplanation / Answer
Total amount which can be reimbursed net of $ 1000 deductible is $ 470,313.00
Detached garage and Pool House Value $ 48,341
Personal Property – Cash Value $ 124,267
Covered Item Amount of coverage Additional Expenses on living in a Motel $4,715 Dwelling : Appraised value = $337,000 Coverage under policy $ 311,210 % of coverage 92.35% - paid upto coverage amount $ 311,210Detached garage and Pool House Value $ 48,341
Coverage is limited to 10% of main dwelling or actual whichever is less– Min (10% * $311210 $48341)= Min ($31121.0, $48341) $ 31,121.00Personal Property – Cash Value $ 124,267
Coverage limited to 50% of Dwelling or actual value whichever is less Min (50%*$311210, $124267) = Min ($155605, $124267) $ 124,267 Injuries sustained by policy holder trying to save her pets NIL Total Amount $ 471,313 Less : Deductible $ 1000 Total amount which can be reimbursed $470,313Related Questions
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