Zachary Lee has a personal automobile policy (PAP) with coverage of $50,000/$100,000 for bodily injury liability, $50,000 for property damage liability, $3,000 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? Round your answer to the whole dollar, if necessary. Leave no cells blank, be sure to enter "0" wherever required. Zachary loses control and skids on ice, running into a parked car and causing $2,645 damage to the unoccupied vehicle and $4,500 damage to his own car.Total paid by the insurance company$ Zachary's out-of-pocket costs$ Zachary runs a stop sign and causes a serious auto accident, badly injuring two people. The injured parties win lawsuits against him for $50,000 each.Total paid by the insurance company$ Zachary's out-of-pocket costs (for both victims)$ Zachary's 18-year-old son borrows his car. He backs into a telephone pole and causes $450 damage to the car.Total paid by the insurance company$ Zachary's out-of-pocket costs$

A.) Insurance coverage for the given situation Damage to unoccupied car= $2645 Damage to his own…

Answered: Zachary Lee has a personal automobile…

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

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Zachary Lee has a personal automobile policy (PAP) with coverage of $50,000/$100,000 for bodily injury liability, $50,000 for property damage liability, $3,000 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? Round your answer to the whole dollar, if necessary. Leave no cells blank, be sure to enter "0" wherever required.

Zachary loses control and skids on ice, running into a parked car and causing $2,645 damage to the unoccupied vehicle and $4,500 damage to his own car.

Total paid by the insurance company $

Zachary's out-of-pocket costs $
Zachary runs a stop sign and causes a serious auto accident, badly injuring two people. The injured parties win lawsuits against him for $50,000 each.

Total paid by the insurance company $

Zachary's out-of-pocket costs (for both victims) $
Zachary's 18-year-old son borrows his car. He backs into a telephone pole and causes $450 damage to the car.

Total paid by the insurance company $

Zachary's out-of-pocket costs $

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Total paid by the insurance company	$
Zachary's out-of-pocket costs	$

Total paid by the insurance company	$
Zachary's out-of-pocket costs (for both victims)	$