help asap Your insured owns a Seasonal Dwelling and has moved in for the summer months. One night, burglars break into thelocked boathouse and steal an old canoe worth $500, a 5 h.p. outboard motor valued at $1,000 and $250 worth offishing tackle. The damage to the boathouse will cost $500 to repair. There is $10,000 insurance on Personal Property,including burglary and robbery, subject to $250 Deductible. How much will the insured receive in settlement of theclaim?OA) $1,500.00OB) $2,000.00OC) $1,750.00OD) $2,250.00 Your client insures his/her condominium unit under a Condominium Unit Owner Comprehensive policy, subject to a$300 Deductible. The common areas of the building suffer severe damage that is not covered by the CondominiumCorporation's insurance. The loss is covered, however, under your client's policy. The Condominium Corporationassesses each unit owner $2,500 to cover the damage. Twenty percent (20%) of the unit owners are uninsured. Howmuch would your client's policy pay under these circumstances?OA) Nothing.OB) $2,200.00OC) Eighty percent (80%) of $2,500.OD) $2,500.00

Note: As per the authoring guidelines we are authorised to provide the answer to one question.…

Answered: Your insured owns a Seasonal Dwelling…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Your client insures his/her condominium unit under a Condominium Unit Owner Comprehensive policy, subject to a $300 Deductible. The common areas of the building suffer severe damage that is not covered by the Condominium Corporation's insurance. The loss is covered, however, under your client's policy. The Condominium Corporation assesses each unit owner $2,500 to cover the damage. Twenty percent (20%) of the unit owners are uninsured. How much would your client's policy pay under these circumstances? OA) Nothing. OB) $2,200.00 OC) Eighty percent (80%) of $2,500. OD) $2,500.00
Kathy gives property she has owned for 5 years to Janelle. At the time of the gift, the property had a basis of $35,000 and a FMV of $42,500. If on the day she receives the property Janelle sells the property for $33,000, what is Janelle’s gain or loss? Mark gives his son, Mac, stock which has an adjusted basis of $15,000 and a FMV on the date of the gift of $12,000. Mark owned the stock for three years before making the gift. If Mac sells the stock two weeks later for $16,000, what is his gain or loss? If Mac sells the stock two weeks after receiving the gift for $10,000, what is his gain or loss? If Mac sells the stock two weeks after receiving the gift for $13,000, what is his gain or loss?
Identify, list and explain the factors that could constitute risk
In 2012, Angela took out a $15,000 loan against the cash surrender value of her whole life insurance policy. The funds were required to help pay for remodeling and redecorating her home. As a consequences of taking out the loan Angela had to report $3,000 of policy gain in 2014. She repaid $5,000 of the loan at the end of 2015, as well as paying the $600 of loan interest due for the year. What were the tax consequences to Angela and the policy as a result of the 2015 payments? A. She will be able to deduct $5,600 from her taxable income for 2015 ad the ACB of the policy will increased by $2,000. B. She will be able to deduct $3,000 from her taxable income for 2015 and the ACB of the policy will increase by $2,600. C. She will not be able to claim any deduction from her taxable income for 2015 and the ACB of the policy will increase by $5,650. D. She will be able to deduct $3,600 from her taxable income for 2015 and the ACB of the policy will increase by $2,000
Janelle acquires a used seven-year class asset on November 3, 2020, for $40,000. She does not elect to expense any of the asset under § 179 or straight-line cost recovery. No election for additional depreciation is made. She sells the asset on December 4, 2021. This is the only asset she acquires in 2019. Determine Janelle’s cost recovery depreciation in 2020 and 2021.
Your insured lives in an apartment but takes a temporary position in another city and must store some major furniture items in a storage warehouse until he/she returns. In the interim the unfurnished apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your insured's furniture is stolen. What would a Tenants Comprehensive policy pay? OA) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporarily removed. OB) Nothing. The loss is not covered. OC) The actual cash value or replacement cost of all the personal property stolen, less the policy deductible, subject to the policy limit. OD) That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his/her personal property.
Your insured lives in an apartment but takes a temporary position in another city and must store some me for fur ture items in a storage ware apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your Insured's furniture is stolen. What Would a Tenant © A) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporanlite O B Nothing. The loss is not covered © C The actual cash value or replacement cost of all the personal property stolen, less the policy deductble, subject to the polis limit © D That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his her personal property
The Fifth Third Bank has a security interest in all of the inventory owned by The Stan Still Stationery Store. Assuming the Fifth Third Bank has properly attached and perfected its security interest in the inventory, it would still not be protected against the claims from: (Choose all of the correct answers.) Ty Coon, the landlord who owns the building in which The Stan Still Stationery Store operates Lou Pole, a private lender, who loaned money to The Stan Still Stationery Store two years ago and attached to the same inventory, but did not perfect his security interest Wells Fargo Bank, which previously loaned money to the Stan Still Stationery Store and properly attached and perfected its interest against the inventory Mary Annette, a customer who bought reams of copier paper during one of The Stan Still Stationery Store's monthly 75%-off sales Anne Teak, a customer who purchased printer toner cartridges at The Stan Still Stationery Store
J is injured in an accident on K’s premises. K has a commercial general liability policy with a $300,000 combined single limit. The court awards J $6000 for medical expenses and $15,000 for pain and suffering. The court costs and attorney fees charged to k amount to $4800.In this situation, k’s policy will pay $10,800 $21,000 $25000 $25800
You have been appointed as a claims underwriter responsible for settlement of losses with clients. Below are details of events that you require to make a decision. Assume that both vehicles are insured by your insurance company. A passenger bus was travelling from point A to Point B when it collided with a parked saloon vehicle. The accident occurred on a road that is not authorized as a passenger route. The bus swerved to avoid hitting into a wall fence but ended up destroying part of a fence of a neighbor to the owner of a parked car.The car was parked partly on the gravel road. The car will definitely require panel beating. Four kids that live at the house whose fence was partly destroyed had strayed into the road while playing football causing the driver to swerve and hit into the car. The bus owner does not accept any responsibility what so ever claiming that he did not expect the bus to operate on that as it was taken to the garage for service. All passengers escape unhurt but…
Explain pure, speculative and fundamental risks.
Francesca owns and operates a small stereo store. That store was robbed last night after Francesca had locked up and gone home. The thief broke a window, entered the premises, and stole a dozen portable disc players. Francesca fortunately had installed a security camera several weeks ago. After discovering the theft in the morning, she reviewed the tape and recognized that the thief was her neighbor Ned. Francesca now has several concerns. She believes that Ned should be responsible to her personally, but she also believes that he owes a debt to society. Briefly describe two types of proceedings that may be brought against Ned.

SEE MORE QUESTIONS

Recommended textbooks for you

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Management Information Systems: Managing The Digi…

Management

ISBN:

9780135191798

Author:

Kenneth C. Laudon, Jane P. Laudon

Publisher:

PEARSON

Business Essentials (12th Edition) (What's New in…

Management

ISBN:

9780134728391

Author:

Ronald J. Ebert, Ricky W. Griffin

Publisher:

PEARSON

Fundamentals of Management (10th Edition)

Management

ISBN:

9780134237473

Author:

Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo

Publisher:

PEARSON

SEE MORE TEXTBOOKS