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vfiekz [6]
3 years ago
12

Dan has a personal umbrella policy with a $1 million limit. The self-insured retention is $250. Dan has a homeowners policy with

no special endorsements and an auto insurance policy. The policies have the following liability limits:
Homeowners policy: $300,000
Personal auto policy: $250,000/$500,000/$50,000
The liability limits meet the umbrella insurer’s requirements with respect to the minimum amounts of liability insurance on the underlying contracts.
1. Indicate whether each of the following losses would be covered under Dan’s personal umbrella policy. If the loss is not covered, or not covered fully, explain why.
(A) Dan coaches a Little League baseball team. A team member sitting behind third base was struck in the face by a line drive and lost the sight in one eye. Dan is sued by the parents, who allege that his coaching and supervision are inadequate. The team member is awarded damages of $1 million.
(B) Dan accuses a male teenager, age 14, of stealing his racing bike valued at $2000. The police arrest the youth and book him. The police later arrest the actual thief and recover the bicycle. Dan is sued by the youth’s parents for false arrest. The teenager is awarded damages of $100,000.
(C) Dan is driving to his son’s soccer game. He fails to stop at a red light, and his car strikes another motorist. The injured motorist is awarded damages of $200,000.
Business
1 answer:
alekssr [168]3 years ago
5 0

Answer:

The personal umbrella policy is excess liability insurance that provides protection against legal liability that is over and above that provided by auto, home, and boat insurance. People with significant assets need an umbrella liability policy to cover lawsuits that can sometimes amount to millions of dollars.

The umbrella policy also has broad coverage that covers some claims that wouldn't be covered at all by home and auto insurance, such as personal injury lawsuits arising from false arrest, slander and libel, or rental units that the insured may own. Not only is the cost of direct damages covered, but also the cost of consequential damages, such as the lost income suffered by a severely injured person because of the injuries. The personal umbrella policy also pays for the legal defense of lawsuits that is in addition to the policy limit for damages. So if you are sued and held liable for $1 million, and your legal costs are $200,000, then a policy providing $1 million of coverage will pay the full claim plus the $200,000 for legal costs.

Explanation:

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2 years ago
Read 2 more answers
On March 15, American Eagle declares a quarterly cash dividend of $0.105 per share payable on April 13 to all stockholders of re
rodikova [14]

Answer:

March 15                 Debit                Credit

Dividends                $22,470,000

Dividends Payable                         $22,470,000

March 30     No entry

April 13

Dividends Payable   $22,470,000

Cash                                                 $22,470,000

Explanation:

In order to record American Eagle's declaration and payment of cash dividends for its 214 million shares first we would require to calculate the dividends as follows:

Dividends=214,000,000 shares*$0.105

Dividends=$22,470,000

Therefore, the journal entries would be the following:

March 15                 Debit                Credit

Dividends                $22,470,000

Dividends Payable                         $22,470,000

March 30     No entry

April 13

Dividends Payable   $22,470,000

Cash                                                 $22,470,000

7 0
3 years ago
Carter's preferred stock pays a dividend of $1.00 per quarter. If the price of the stock is $45.00, what is its nominal (not eff
Lera25 [3.4K]

Answer:

8.89%

Explanation:

The answer is 8.89%

Here is how we arrived at this.

Dividend = 1$ times 4

= $4 annually

Then we calculate for the nominal rate of return.

This is equal to dividend / price.

= $4/ $45

= 0.0889

To convert this to percentage

0.089 x 100

= 8.89% is the nominal annual rate of return.

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An auditor should perform alternative procedures to substantiate the existence of accounts receivable when:
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Answer:C

Explanation: Collectability of the receivables is in doubt

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Larry enters into a contract with motivational education services to host a panel discussion at a sales conference. when the con
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3 years ago
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