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Exam 7: Insurance

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Question 1

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Claude Nickelson has 25/50/10 liability insurance. He crashes into Irene Newell's automobile, causing $8,200 worth of personal injury and $9,700 worth of vehicle damage. How much will Claude's insurance pay for this claim?

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Question 2

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A deductible is the amount subtracted from an insurance settlement.

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B) False

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Question 3

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Which amount will the insurance company pay on a claim filed by a business insured for 80% of the value with an 80% coinsurance plan, where the value of the business is $190,000 and the loss is $165,000?

The policyholder is the insurance company that holds the insurance policy for a given individual or business.

Which type of insurance pays for damages to the insured person's vehicle as the result of vandalism?

Adrienne carries 25/50/10 liability insurance on her car. She was recently in an accident where she was at fault. The other driver, Madeleine, had $5,500 worth of personal injury and $9,500 damage to her car. Adrienne had $8,600 in damages to her car. Which will not be covered by Andrienne's insurance?

A business is insured with an 80% coinsurance plan where the value of the business is $140,000. The business has purchased $100,000 of insurance. There is a fire at the business, and it has $72,000 worth of damage. What amount is 80% of the value? How much of the damages will be covered by their insurance policy?

Determine the annual premium due for property insurance for $215,000 coverage at $4.25 per $1,000.

Parker Manufacturing buys life insurance policies for their top three employees. They purchase $225,000 term policies for each employee, quoted at $3.37 per $1,000 for one year. How much will the monthly premium be for all three employees?

What is the amount of annual premium due for a $1,500,000 term life insurance policy quoted at $4.60 per $1,000?

Ridell's employer pays for $60 of his monthly premium for individual health insurance. If the individual annual insurance premium is $1,596, how much does Ridell pay each year?

Byron Trenton wants to purchase a life insurance policy worth $200,000. His insurance agent quoted his monthly premiums at $57.50 per month. What is the cost of the insurance per $1,000?

Frank had a car accident in which the person he hit sustained $37,000 in injuries and their car was totaled, which had a value of $32,500. Frank has 50/100/15 liability insurance. For which amount of property damages will Frank be personally liable?

Elizabeth and Darcy own an interior design business. They want to set up group health insurance for themselves and their 4 employees. Each policy will cost $2,700 annually. What is the monthly premium for each employee if the company covers $100 of the monthly premium?

The _____________ is the payment to the insurance company for the insurance policy.

If a company contributes $55 to each employee's monthly healthcare insurance premium and the annual individual premium is $1,980, then the individual monthly premium is $165.

Regional Corporation offers its employee's healthcare coverage for which they pay $85 of each employee's premium per month. The individual annual premium is $2,100. An additional $110 is added to the individual monthly premium for family coverage. What is the employee's monthly premium for individual and family health coverage?

Conway's Hardware suffers $95,000 in fire damage. The building is valued at $450,000, and the owner has it insured for $300,000 with 80% coinsurance. How much will the insurance company pay?

Calculate the individual monthly premium for an employee whose annual premium is $1,860 and whose employer contributes $65.50 per month.

The person who represents an insurance company and investigates claims is an ____________.