Raymond has $12,000 worth of property damage insurance and a $1,200 deductiblecollision insurance policy. He had a tire blowout while driving and crashed into a$1,500 brick wall. The crash caused $3,800 in damages to his car.a. How much will the insurance company pay for the brick wall?b. How much will the insurance company pay for the damage to the car?$27

Insurance is an agreement and arrangement in which an entity or the state promises an individual or…

Answered: Raymond has $12,000 worth of property…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter10: Protecting Your Property

Section: Chapter Questions

Problem 6FPE

See similar textbooks

Similar questions

Kurt has 25/50/25 auto insurance coverage. One evening he lost control of his vehicle, hitting a parked car and damaging a storefront along the street. The damage to the parked car was $10,700, and the damage to the store was $18,500. What amount will the insurance company pay for the damage? What amount will Kurt have to pay?
Kurt has 25/50/10 auto insurance coverage. One evening he lost control of his vehicle, hitting a parked car and damaging a storefront along the street. Damage to the parked car was $13,000, and damage to the store was $7,500. (a) What amount will the insurance company pay for the damages? Amount paid (b) What amount will Kurt have to pay? Amount paid
Saheel has $25,000 property damage insurance and $5,000 comprehensive and collision insurance with a $250 deductible. One evening he slides on a patch of ice and hits a parked car, causing $4,500 worth of damage. The accident causes $1,750 of damage to his own car. How much will the insurance pay to fix both cars?
Kurt has 50/100/15 auto insurance coverage. One evening he lost control of his vehicle hitting a parked car and damaging a store front along the street. Damage to the parked car was 5,400 and damage to the store was 12,650. What amount will the insurance company pay for the damages? What amount will Kurt have to pay?
You carry 25/50/25 coverage on your automobile. You are involved in an accident in which you are eventually held responsible for the following damages: other driver, $25,000; passenger 1, $20,000; passenger 2, $9,000; other car, $11,000. How much is left for you to pay after your insurance company has met its obligations under your policy? 0 bodily injury; 0 property damage 0 bodily injury; $4,000 property damage $4,000 bodily injury; 0 property damage $9,000 bodily injury; $4,000 property damage
Bill recently had his truck slide off a gravel road and strike a tree. Bill's vehicle suffered $17,500 in damage. The truck has a book value of $40,000. Bill carried collision insurance with a $500 deductible. How much will Bill be reimbursed by his policy?
Megan crashed her car into another vehicle. The damage to her car cost $2,568 to repair. Damage to the other vehicle cost $6,820. Megan's collision coverage has a $1,000 deductible. Her property damage liability is $5,000. How much will her insurance company pay for repairs?
Zachary Lee has a personal automobile policy (PAP) with coverage of $25,000/$50,000 for bodily injury liability, $25,000 for property damageliability, $5,000 for medical payments, and a $500 deductible for collision insurance. How much will his insurance cover in each of the following situations? Will he have any out-of-pocket costs?a. Zachary loses control and skids on ice, running into a parked car and causing $3,785 damage to the unoccupied vehicle and $2,350 damage to his own car.b. Zachary runs a stop sign and causes a serious auto accident, badly injuring two people. The injured parties win lawsuits against him for $30,000 each.c. Zachary’s 18-year-old son borrows his car. He backs into a telephone pole and causes $450 damage to the car.
Robert had an accident and injured a driver and her car. He has auto insurance with the minimum coverage for Illinois. He also has medical payments coverage of $1,000 and a $250 deductible on his collision coverage. The driver's injuries cost $5,000 and damages to her car cost $3,000. Robert's car had damages costing $4,000. How much will the Insurance company pay for these claims? $12,000 $11,250 $11,750 $3,750
Robert had an accident and injured a driver and her car. He has auto insurance with the minimum coverage for Illinois He also has medical payments coverage of $1,000 and a $250 deductible on his collision coverage. The driver's injuries cost $5,000 and damages to her car cost $3,000. Robert's car had damages costing $4,000. How much will the Insurance company pay for these claims? O A. $11,750 O B. $11,250 O C. $3,750 O D. $12,000
Bill Converse of Rexburg, Idaho, recently had his truck slide off a gravel road and strike a tree. Bill's vehicle suffered $18,000 in damage. The truck has a book value of $38,000. Bill carried collision insurance with a $400 deductible. How much will Bill be reimbursed by his policy? Round your answer to the nearest dollar. $
Ricardo's car was damaged in an accident. The cost to repair the car will be $3,240. His deductible is $500. How much will Ricardo's insurance company pay?

SEE MORE QUESTIONS

Recommended textbooks for you

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning