Claim Amount (with Deductibles) 2023 Business Finance
2023 1 Determining the Claim Amount with Deductibles For each of the following situations what amount would the
1. Determining the Claim Amount (with Deductibles). For each of the following situations, what amount would the insurance company pay?
a. Wind damage of $835; the insured has a $500 deductible.
b. Theft of a stereo system worth $1,300; the insured has a $250 deductible.
c. Vandalism that does $425 of damage to a home; the insured has a $500 deductible.
2. Computing Claims. When Carolina’s house burned down, she lost household items worth a total of $50,000. Her house was insured for $160,000 and her homeowner’s policy provided coverage for personal belongings up to 55 percent of the insured value of the house. Calculate how much insurance coverage Carolina’s policy provides for her personal possessions and whether she will receive payment for all of the items destroyed in the fire.
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