MartinL_PFP3361_Asgmt7

MartinL_PFP3361_Asgmt7 - Leanne Martin PFP3361 Prof....

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Leanne Martin PFP3361 Prof. Benjamin Cummings April 24, 2011 Unit 7 Assignment 1. Bob and Sue own a home that is appraised for $240,000. They have insurance on the home for $180,000. They have a $2,000 deductible and replacement cost on their home. They have smoke damage to their all of their kitchen appliances due to a grease fire. Will they be able to get full replacement cost of their appliances less deductible? a. Yes, they have the replacement cost endorsement. b. No, smoke damage is never covered. c. Yes, but only actual cost value. d. No, they did not insure their home for enough. ANS: C-They failed to insure their home for 80% so replacement cost would be denied and they would be paid actual cost value for their appliances. 1. The National Flood Insurance Program is available to all homeowners. True or False. a. True-the program is available to any homeowner b. False-the program is available to only homeowners residing in a high risk flood area.
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This note was uploaded on 10/17/2011 for the course PFP 3361 taught by Professor Vickihampton during the Spring '11 term at Texas Tech.

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MartinL_PFP3361_Asgmt7 - Leanne Martin PFP3361 Prof....

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