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Week 4 HW.docx - Week 4 Homework 1 Cedric borrowed money...

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Week 4 Homework 1) Cedric borrowed money against his life insurance policy and did not repay the loan in full before he died. Because he still owed $15,000 against his $150,000 policy, his beneficiary Jayne received (150,000-15,000) $135,000 rather than the full sum of the insurance. Fortunately for Jayne, death benefits from a life insurance policy are usually tax free so she will not be taxed on the benefits received from her late husband’s life insurance. 2) Keith and Nancy Diem have personal property coverage with a $250 limit on currency, a $1,000 limit on jewelry, and a $2,500 limit on gold, silver, and pewter. They do not have a personal property floater. If $500 cash, $2,400 of jewelry, and $1,500 of pewter ware were stolen from their home, what amount of loss would be covered by their homeowner’s policy? If the Diems’ deductible is $250, how much will they receive on their claim? Item Diem’s Pay Insurance Pay Gold/Silver/Pewter/ $2,500 0 1,500 1,500 Jewelry: $1,000 1,400 1,000 2,400 Currency: $250 250 250 500 Total 1,650 2,750 4,400
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