Question: Michael owns a small plane that he flies on week- ends. His insurance agent informs him that air- craft are excluded as personal property under

Michael owns a small plane that he flies on week- ends. His insurance agent informs him that air- craft are excluded as personal property under his homeowners policy. As an insured, he feels that his plane should be covered just like any other personal property he owns. a. Explain to Michael the rationale for exclud- ing certain types of property, such as air- craft, under the homeowners policy. b. Explain some additional reasons why ex- clusions are present in insurance contracts

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