Question 1

A business is insured with an 80% coinsurance plan where the value of the business is $140,000. The business has purchased $100,000 of insurance. There is a fire at the business, and it has $72,000 worth of damage. What amount is 80% of the value? How much of the damages will be covered by their insurance policy?

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Question 2

Leonard uses Excel to track life insurance coverage and cost for his clients. Column B contains the amount of coverage, and Column C contains the cost per thousand. What is the formula that he should key in Cell D9 to calculate the annual premium and in Cell E9 for the monthly premium?

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The answer of Leonard uses Excel to track life insurance...

Question 3

Tyrone Bentley is in a car accident with Allejandro Jaurez. Tyrone has 15/30/5 car insurance coverage. Allejandro does not suffer any serious injuries, however his car has damages of $14,300. Determine the amount Tyrone will pay and the amount his insurance company will pay.

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Question 4

___________________ protects the insured against property damage caused by another driver without liability insurance.

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Question 5

The person who represents an insurance company and investigates claims is an ____________.

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Question 6

Elizabeth and Darcy own an interior design business. They want to set up group health insurance for themselves and their 4 employees. Each policy will cost $2,700 annually. What is the monthly premium for each employee if the company covers $100 of the monthly premium?

Accepted Answer

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Question 7

An Excel spreadsheet is being used to track insurance payments for homeowners insurance with a coinsurance clause. The following are the column headings: A is Replacement Value of the Building, B is Face Value of the Policy, C is Coinsurance Clause Percent, D is Amount of Insurance Required, E is Amount of Loss, F is Percent of Loss Insurance Will Pay, and G is Amount of Loss Insurance Will Pay. 
 
 What is the formula to determine the percent of loss insurance will pay in Row 15?

Accepted Answer

The answer of An Excel spreadsheet is being used to...

Question 8

Alicia drives a company-owned car. Her company carries 25/50/25 automobile liability coverage. Alicia has an accident, which is her fault, during the business day. In the accident, Grant Thomas has $12,500 in injuries, Malcolm James has $27,000 in injuries, and Sarah White has $10,000 in injuries. The damage to Grant's automobile is $17,000. Determine the amount that the insurance company will pay for each person's injuries and for the damage to Grant's vehicle.

Accepted Answer

The answer of Alicia drives a company-owned car. Her company...

Question 9

In Column J of a spreadsheet, an insurance agent wants to sum the amounts his company owes for medical expenses for two parties and for property damage. These amounts are in Columns G, H, and I. Explain two ways to sum these cells using Row 12.

Accepted Answer

The answer of In Column J of a spreadsheet, an...

Question 10

An Excel spreadsheet is being used to track insurance payments for homeowners insurance with a coinsurance clause. The following are the column headings: A is Replacement Value of the Building, B is Face Value of the Policy, C is Coinsurance Clause Percent, D is Amount of Insurance Required, E is Amount of Loss, F is Percent of Loss Insurance Will Pay, and G is Amount of Loss Insurance Will Pay. 
 
 What is the formula to determine the amount of loss insurance will pay in Row 15?

Accepted Answer

The answer of An Excel spreadsheet is being used to...

Question 11

A _________________ is the person or persons designated to receive the proceeds of a life insurance policy in the event of the insured's death.

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Question 12

Miriam is in a car accident with the Blakely family. Miriam has 25/50/10 car insurance. Mr. Blakely has $27,500 in injuries, and Mrs. Blakely has $24,000 in injuries. The Blakely's automobile has $12,700 worth of damage. Determine the amount Miriam will pay and the amount her insurance company will pay.

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Question 13

Calculate the individual monthly premium for an employee whose annual premium is $1,860 and whose employer contributes $65.50 per month.

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Question 14

Reliable Car Rental purchases an 80% property coinsurance policy on their building, valued at $330,000. The company insures the business for 80% of the value. If there is a fire at Reliable which causes $300,000 worth of damage, how much will the insurance pay and how much will Reliable pay?

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Question 15

What is the formula for determining the annual premium for a term life insurance policy?

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Quiz 7: Insurance