Explain the suggestions that consumers should follow when shopping for an auto insurance policy.
Answer to relevant QuestionsFred purchased an old house near a river. Although the house needs major repairs, it will be his main residence. The river overflows periodically, which has caused substantial damage to several homes in the area. Fred lives ...Lori has a personal umbrella policy with a $1 million limit. The self-insured retention is $250. Lori has a homeowner’s policy with no special endorsements and an auto insurance policy. The policies have the following ...Briefly explain the basic characteristics of a personal umbrella policy.Richard owns and operates a small furniture store. In addition to Richard, the firm employs two sales representatives. Richard's insurance agent advises him that the store can be insured under a businessowners policy (BOP). ...a. What is the difference between a particular average loss and a general average loss in ocean marine insurance?b. What conditions must be fulfilled to have a general average loss?
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