Andre has an unendorsed HO-3 policy. His roof is torn off by a tornado. His limit onCoverage A is $100,000. RC of the roof is $25,000, and ACV of the roof is $22,000. RC ofthe covered contents damaged is $65,000, and ACV of the contents is $55,000. Ignoringthe effect of any deductible, how much will his insurer pay for this loss? Please show yourwork.

Andre's insurer will pay a total of $80,000 for this loss. Explanation:Here's a detailed…

Answered: Andre has an unendorsed HO-3 policy.…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 23CE

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Please help me understand this question?Kevin recently purchased a board form HO-2 policy with no deductible. The policy value is $174,000. A year later, his roof is damaged by vandalism and he suffers a loss of $139,200. If the replacement value of Kevin’s house is $290,000 and the insurance policy includes a replacement cost requirement of 80%, he will receive a reimbursement
Mary owns a home with a with a replacement value of $331,195. She purchased home insurance in the amount of $200,000, and therefore does not meet the 80% rule. If Mary's deductible is $3,000 and a BBQ fire caused $75,000 worth of damage, how much will Mary have to pay herself?
Norris has a deductible of $1,000. He damages his car in a accident and it will cost $3,300 to repair. How much does Norris have to pay? How much does this insurance pay?
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You have an HO policy with the following limits: A $75,000 (dwelling) B-$ 7,500 (other structures) C-$25,000 (personal property). A tornado strikes your property. You lose your house, which is worth $65,000 at the time of the loss. You also lose an unattached shed worth $8,000, and personal property worth $30,000. You will collect? (assume $0 deductible, ignore the ACV calculation and assume there is no fraud or other unusual circumstances surrounding the loss.) OA$107,500 OB. $97,500 OC.$103,000
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