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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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8 0
1 year ago
Ceteris paribus, when the price of tuition increases, fewer people will choose to go to college. What do we mean by ceteris pari
-Dominant- [34]

Answer:

Option "D" is most suitable answer for the question.

Explanation:

Ceteris paribus involves keeping all other variables stable. So in our situation, because we recognize that a rise in tuition fees could result in fewer people deciding to join college, we believe that other causes that we don't realize might affect fewer people choosing to join university will stay.

Therefore Option "D" is the most suitable option for the above type of problem.

8 0
3 years ago
North Around, Inc. stock is expected to return 22 percent in a boom, 13 percent in a normal economy, and −15 percent in a recess
almond37 [142]

Answer:

4.53%

Explanation:

Data provided in the question:

Expected return = ∑ (Return × probability)

Thus,

Expected return = (0.06 × 22) + (0.92 × 13) + (0.02 × (-15))

= 12.98%

Now,

Probability       Return        Probability × (Return-Expected Return)²

0.06                  22                   0.06 × (22% - 12.98%)² = 4.8816

0.92                  13                    0.92 × (13% - 12.98%)² = 0.000368

0.02                  -15                   0.02 × (-15% - 12.98%)² = 5.657608

========================================================

                                                                            Total = 20.5396%

Standard deviation = \sqrt{\frac{\text{Total probability}\times(\text{Return-Expected Return})^2}{\text{Total probability}}

= √(20.5396)

= 4.53%

6 0
3 years ago
Robert has taken up cycling as a hobby and as a way to maintain his physical fitness. He wants to buy a hydration system since h
LuckyWell [14K]

Answer: B

Robert is in the Evaluation of alternatives stage of the buyer decision process.

Explanation:

The  various stages  which consumers go through when they are considering a purchase are as follows:

Problem or need recognition  , Information search , Evaluation of alternatives , Purchase , Post-purchase behavior

Evaluation of alternatives is the third stage in the Consumer Buying Decision process.  In this stage, the consumers evaluate all their options based on the attributes  of the products  which  is capable of  delivering  the benefit/ satisfaction that the consumer intends to get. Comparing the products (i.e different brands of products that is capable of satisfying  the consumer needs),   shows the alternatives being considered by consumers during the problem-solving process.

Therefore Robert, trying to choose between  : Waterbags for Roadies, Supertanker Hydropacks, and Fast Water is in the stage of   Evaluation of alternatives stage. Therefore the answer is B

6 0
3 years ago
For each activity, select the impact on the accounting equation. After doing all transactions, ensure that the accounting equati
AlladinOne [14]

Answer:

Impact of Transactions on the Accounting Equation:

Transaction                       Assets = Liabilities + Stockholders' Equity

1.                                        15,000 =   0                       15,000

2.                                        9,000 =   9,000                 0

3.                                         1,200 =    1,200                 0

4.                                        2,400 =   2,400                 0

5.                        -12,000+12,000 =  0                         0

6.                                        3,000 =  0                         3,000

7.                                       -4,000 =  -4,000                 0

8.                                      -2,400 =  -2,400                  0

9.                                              0 =   -1,200                  1,200

10.                                    -1,000 =    0                        -1,000

Totals                          $23,200 = $5,000             $18,200

Explanation:

a) Data and Analysis:

1. Cash, $15,000 Common Stock

2. Cash $9,000 Bank Loan $9,000

3. Cash $1,200 Deferred Revenue $1,200

4. Supplies $2,400 Accounts Payable $2,400

5. Prepaid Rent $12,000 Cash $12,000

6. Accounts Receivable $3,000 Service Revenue $3,000

7. Bank Loan $4,000 Cash $4,000

8. Accounts Payable $2,400 Cash $2,400

9. Deferred Revenue $1,200 Service Revenue $1,200

10. Dividends $1,000 Cash $1,000

7 0
3 years ago
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