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Risk Mgt HW Ch. 24

Risk Mgt HW Ch. 24 - Ch 24 AQs Chapter 24 1 A Pedro will...

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Ch. 24 AQs Chapter 24 1. A)  Pedro will receive actual cash value of the damage caused by the fire, ACV = $20,000  B)  The lost rent income would covered under coverage D; Pedro would receive the full $900  per month to total $2,700 for the full three months.  C)  The tenant’s damaged personal property would not be covered; personal property of the  insured (landlord) is covered but the tenant’s person property is excluded. 5.    A)  The umbrella policy would not pay for the dog bite damages; instead the $25,000 would  be covered under her underlying homeowner’s policy contract. B)  The first $250,000 per child, or $500,000 total, would be covered under Lori’s underlying  personal auto insurance policy because it liability coverage is limited at $250,000 or  $500,000 maximum; the additional $100,000 each, or $200,000 total, would be covered  under her personal umbrella policy. C)  The defamation of character damages would be covered as a personal injury under the  umbrella policy’s broad coverage section for $24,750. She would only be required to pay the  $250 self-insurance retention because this loss was not covered under any underlying  contract.  D)  The damages awarded to the shareholders would not be covered under any underlying  contract or the personal umbrella policy. Business liability is excluded from the umbrella  policy because Lori is being compensated for her service as a board member.   Chapter 25 2.   A)  The explosion is covered under the causes of loss broad form of the policy.
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