Michelle purchased a Homeowners 3 policy with no special endorsements to cover her home and personal property. A fire occurred and destroyed a big screen television. Michelle paid $4000 for the TV new, and it was 25 percent depreciated when the fire occurred. The replacement cost of a similar television is $3800. Ignoring any deductible, how much will Michelle collect for the loss?
Answer to relevant QuestionsSarah owns a valuable diamond ring that has been in her family for generations. She is told by an appraiser that the ring has a current market value of $50,000.She feels that the ring is adequately insured because she ...a. Briefly describe the special limits of liability that apply to certain types of personal property.b. Why are these special limits used?James and Megan Webb recently purchased a home for $300,000. The home is insured under an HO-3 policy for $250,000 with no endorsements attached. Megan collects antiques for a hobby. James has a stamp collection that ...Personal liability (Coverage E) and medical payments to others (Coverage F) provide protection to insureds at various insured locations. Identify the insured locations under Section II in the homeowner’s policy.Fred has a PAP with the following coverages:Liability coverages: $100,000/$300,000/$50,000 Medical payments coverage: $5000 each person Uninsured motorists coverage: $25,000 each person Collision loss: $250 deductible ...
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