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Fundamentals Of Risk And Insurance 11th Edition Emmett J. Vaughan ,Therese M. Vaughan - Solutions
Explain the alternatives to the traditional Medicare coverages that were added to the Medicare program by the Medicare Advantage coverage options
Describe the features of long-term care insurance
Identify and briefly explain the alternatives to long-term care insurance
In general terms, identify the qualification requirements for Medicaid and explain the way in which the Medicaid program provides for financing of long-term care needs
Explain what is meant by Medicaid planning and describe the legislative restrictions that have been imposed on the process
Identify and briefly distinguish between Parts A and B of the traditional Medicare program.
Explain the relationship between Medicare and employer-provided health insurance for employees who are age 65 and over.
Describe the changes in Medicare enacted as Part C, Medicare Advantage. In what fundamental way does Medicare Advantage differ from the coverage under the traditional Medicare program?
Your father and mother will soon reach age 65, the age at which they will become eligible for Medicare. They have asked you to advise them on the advantages and disadvantages of a Medicare Medical Savings Account(MSA). Describe the essential nature of a Medicare MSA and explain to them what you
Explain how life insurance policies can provide an alternative to LTC insurance.
Explain the triggers that may be included in a LTC insurance policy to determine eligibility for policy benefits.
Periodic surveys have indicated a significant misunderstanding on the part of the public concerning the benefits available under Medicare to cover long-term care.What specific limitations in the Medicare benefit structure make Medicare an undependable source of funding for the long-term care
Explainwhat is meant by a viatical settlement and the tax treatment of such transactions.
Briefly explain the eligibility requirements for Medicaid as they apply to expenses for long-term care.
Describe the coverage triggers required for a TQ-LTCI policy.
What arguments would you offer to support the decision to adopt the Medicare Advantage provisions of Medicare?What arguments would you offer to oppose the decision?
Under what circumstances would you recommend a Medicare MSA to a person eligible for Medicare? For which persons would a Medicare MSA be inadvisable?
A noted insurance authority has said, “Because the financing of long-termcare is inconsistent with insurance principles, it is a problem that does not lend itself to solution through insurance.” In what ways is the financing of long-term care inconsistent with insurance principles?What, in your
“Medicaid planning represents a fraud on one’s fellow taxpayers. It is asking me to pay your bills so you can leave your money to your children.” Do you agree or disagree? Why?
To what extent do you believe that the cost of medical care for the aged is at the heart of the difficulties facing the nation with respect to financing health care expenses?
Identify the major classes of employee benefits that employers provide to their employees, and describe the tax treatment of these benefits?
Explain the statutory requirements that qualified retirement programs must meet
Identify and explain the characteristics of the funding alternatives available to employers with respect to qualified retirement plans
Explain the nature of the business-continuation exposure facing business owners and describe the measures used to address this exposure
Explain the nature of the key-person exposure facing a business organization and describe the measures used to address this exposure
Explain the purpose and operation of nonqualified deferred-compensation programs and describe the characteristics that distinguish them from qualified programs
Identify and briefly describe the employee benefits discussed in the chapter for which the tax code provides favorable tax treatment.
Explain the advantages granted to employees under the tax laws governing the following:a. Health insurance plans for which the employer pays the premium.b. Contributions made by an employer for life insurance on the lives of employees.
Identify and briefly explain the requirements for a pension plan to be “qualified” under ERISA.What are the advantages of qualification?
Identify and explain the differences in the funding agencies an employer may use for funding a qualified pension plan.
What is the basic difference between allocated funding instruments and unallocated funding instruments?Identify the funding instruments that fall into each category.
The PBGC guarantees insured plan participants against a loss of benefits that can result from funding deficiencies.How can funding deficiencies arise?
In what way does the employer assume a greater element of risk under an immediate participation guarantee pension plan than under a group deferred annuity?
Briefly describe the special requirements that apply to a top-heavy plan. Why were these requirements enacted?
Briefly outline the provisions of the tax code relating to deductibility of premiums and taxation of policy proceeds in key-person life insurance.
In what way(s) does the PBGC protect (a) employees and (b) employers?
Many of the decisions relating to pension plans were formerly regarded to be management prerogatives but are dictated by federal regulations. Towhat extent does ERISA violate the freedom of choice of business managers with respect to pension plans? Is this violation justified?
The text notes that the business continuation exposure involves the possibility of the owner’s death or disability.Fromthe perspective of other owners, inwhatways is the effect of an owner’s disability the same as and different from the risk of an owner’s death?
For what reasons might an organization decide to establish a nonqualified deferred compensation program?Has the number of nonqualified programs increased or decreased since enactment of ERISA? Why?
A self-employed chiropractor has three full-time employees and is considering establishing a qualified retirement plan. What are the options with respect to the type of plan that he or she should establish and the features that will be included in the plan?
Employee benefits are sometimes referred to as“fringe” benefits, suggesting they represent a form of gratuitous compensation granted by an employer. This view considers pensions as a reward for long and faithful service. The opposing viewis employee benefits are a part of a total compensation
Explain the general nature of the homeowners program?
Identify and distinguish among the homeowners forms and describe the individual for whom each form is designed?
Explain the difference between named-peril and open-peril coverage?
Identify the coverage parts of the homeowners policy?
Identify coverage features of each Section I coverage part?
John Jones carries a Homeowners Policy on his dwelling, with Easy Money Mortgage Company listed as a mortgagee. Jones tells his agent to cancel the policy because the property has been sold. The agent cancels the policy and Jones obtains a return of the premium. About 6 months later, when the
Although replacement cost coverage on buildings has been available since the inception of the homeowners program, replacement cost coverage on contents is a recent innovation. Do you feel this is a logical extension of the replacement cost principle, or does it violate the principle of indemnity to
Jones Jr. and his wife, Mary, store their household goods at his parents’ home while they are looking for an apartment. A fire at the parents’ home damages $3000 worth of their property. Assuming the parents have a Form 3, explainwhether coveragewould be provided under the parents’ policy for
Jane Smith borrows a boat worth $1300. The boat is stolen from her garage and Smith reports the theft to the police and the insurer. The adjuster agrees the boat is covered but is subject to the $1000 limit and further subject to the $250 deductible, making recovery under the policy $750. Smith
The coverageonthedwelling under theHomeowners Special Form is considerably broader than the coverage on contents. Therefore, it becomes important at the time of a loss to determine if a particular item is part of the building or of the contents. Do you believe that wall-towall carpeting should be
Identify and briefly describe the four coverages under Section I of the homeowners policy.
What procedure is followed when the insured and the insurer disagree on the loss amount under the homeowners policy? What if they disagree as to whether the loss is covered?
List the personal property classes that are(a) excluded from the definition of covered property under the homeowners forms and (b) are subject to dollar limitations.
Of what significance is the wording owned or used by the insured in the definition of insured personal property under homeowners forms?
Briefly explain the exclusion pertaining to motorized vehicles under Section I of the homeowners policy. What vehicles are excluded? Which are covered?
Briefly explain the distinction between named-peril coverage and open-peril coverage.
Briefly describe the provisions of the homeowners Inflation Guard Endorsement. To which of the Section I coverages do the provisions of this endorsement apply?
Although the entire contents coverage of the homeowners forms applies away fromthe premises, certain limitations exist.What exclusions have been encountered so far with respect to personal property while it is away from the premises?
Explain the extent towhich business property owned by an insured is covered under the homeowners forms.Be specific.
Rosie La Rue has just purchased a 20-year-old dwelling for $80,000. The mortgagee insists that she purchase an insurance amount at least equal to the$70,000 mortgage. Rosie protests that the lot on which the dwelling is located is worth $20,000, making the value of the house $60,000. The mortgagee
Interpret loss-settlement provisions?
Recognize significant exclusions and limitations in the homeowners Section I coverage?
List and describe the optional coverages available to broaden the homeowners forms?
Without going into great detail, explain the essential difference among the Homeowners 2 Broad Form, the Homeowners 4 Tenant’s Form, and the Homeowners 3 Special Form.
For each of the following losses, indicate whether coverage would or would not be provided under the Homeowners 3 Special Form:a. A hot water heater explodes.b. The insured’s automobile damages the garage.c. Trees are vandalized.d. Freezing of pipes causes damage.e. A set of snow tires is stolen
With respect to each of the following losses, indicate whether coverage would or would not be provided under the Homeowners 2 Broad Form:a. Adelivery truck backs over the insured’s prize cherry tree.b. The insured backs his or her car over a 10-speed bicycle.c. Overflow of a bathtub causes damage
Identify the perils included in the Homeowners 2 Broad Form that are not contained in the Homeowners 8 Modified Coverage Form. With respect to those perils that are included in both forms, indicate the manner in which the coverage under the Broad formis broader than the coverage for the same peril
Owing to a power transformer burnout, the entire city in which you live is without power for four days. There is some inconvenience, but your greatest loss is the damage to your freezer when the meat within it spoils. The freezer is unusable, and the meat is a total loss.Would you expect the loss
Your parents are planning a two-month trip to Europe. Your father, assuming you are an expert in the field of insurance, asks you if the house being empty for two months will affect the coverage under his homeowners policy. You examine the policy and find that it is a form HO-3. What do you tell
Briefly explain the doctrine of concurrent causation.In what ways have the homeowners policies been modified in response to this doctrine?
The theft coverage under the homeowners policies is subject to a number of exclusions and other limitations.Identify the exclusions applicable to the theft peril and any other limitations imposed by the homeowners forms with respect to theft losses. For each of the exclusions or limitations
Explain the special exposures of a condominium unit-owner that led to the development of a separate homeowners form for such individuals. Explain the manner in which these exposures are handled under the Condominium Unit-Owner’s form.
Your homeowners policy is about to be renewed.It is written to cover your dwelling for its original construction cost. The policy is a Homeowners Form HO-3 and is standard in all respects: The coverages are all standard percentages, and no policy endorsements or modifications exist. What changes to
Josh Jones is insured under a Homeowners Form HO-3, with $50,000 in coverage on the dwelling and standard amounts on all other coverages. Jones borrows a neighbor’s camping trailer and while attempting to back it into his garage, hits the garage door. The damage to the borrowed trailer is $425
The Homeowners Special Form insures the dwelling on an open-peril basis. What perils that are not covered under the Broad Form would be covered under the Special Form?
Sue and Mary share a small apartment. Some of the property in the apartment belongs to Sue and some belongs to Mary, and some items are owned jointly. Mary purchases a Homeowners 4 Contents Broad Form (tenant’s form), with herself as the named insured.What coverage is provided under this formfor
A distant uncle dies, leaving you his $150,000 condominium unit in Aspen, Colorado. It is rented to skiers during the winter months and managed by a local realtor.You elect to spend your summers living in the unit. On investigation, you find that the uncle has been insured under a Homeowners Form
Briefly describe the difference in coverage on the insured’s own property under Section I of the homeowners forms and the coverage on that property under the equivalent monoline dwelling forms.
Under what circumstances might dwelling property be insured under one of the monoline dwelling forms rather than under one of the homeowners forms?
Briefly describe the provisions of the flood insurance policy relating to inception of coverage and cancellation.
What limits of coverage are currently available to residential applicants under the National Flood Insurance Program (NFIP)?
In what fundamental respect is the coverage on personal property owned by the insured under the mobilehome policy different fromthe coverage under the homeowners policies?
Describe the general nature of the Lienholder’s Single Interest Conversion Endorsement. Why would a mobilehome owner elect this coverage?
What factors, other than the value of the property insured, determine the coverage cost under the monoline dwelling policies and the homeowners forms?
Is an examination of the abstract of title an adequate substitute for title insurance? Why or why not?
List and briefly describe the coverages that may be included in the Boatowners Policy.
For what reasons might an individual decide to insure property under the homeowners Scheduled Personal Property Endorsement?
Most people elect the standard percentage of coverage on contents when purchasing a homeowners policy, yet there is no reason to suppose the value of contents for a given family will be equal to 50 percent of that of the dwelling. Unfortunately, few people have any idea of the true value of their
The cancellation provisions of the NFIP differ from those of any contracts previously encountered in the text.In what ways do these provisions seem necessary for the protection of (1) the insured and (2) the insurer?
Do you believe that persons owning property in the city in which you live should purchase the Earthquake Assumption Endorsement to their homeowners policies?Why or why not?
If you lived in an area where title insurance and a Torrens system were available, which would you elect?Why?
The open-peril coverage of inland marine policies is generally subject to exclusions of damage caused bywear and tear, gradual deterioration, insects, vermin, and inherent vice. For what reason are these causes of loss excluded?Are these causes of loss uninsurable or, in your opinion, are they
Describe the purpose and uses of the monoline dwelling forms
Explain how coverage under the mobilehome program differs from coverage on dwellings under the homeowners program
Identify the coverage limits on residential property available under the National Flood Insurance Program
Explain the reasons that an individual might choose to purchase scheduled coverage under an inland marine floater
Identify the classes of property thatmay be insured under the scheduled coverage endorsement to the homeowners forms
Explain the coverage features of watercraft policies
Distinguish between criminal acts and torts and define negligence, giving the requirements to support a claim of negligence
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