Explain how coverage can be obtained

Assignment Help Risk Management
Reference no: EM132150740

Workshop

1. Joseph is the named insured under a Homeowners 3 policy (special form) with a liability limit of $100,000 per occurrence and a $1,000 limit for medical payments to others. For each of the following situations, explain whether the loss is covered under Section II of Joseph's homeowner's policy.

a. Joseph is a self-employed accountant who works out of his home. One of Joseph's clients sues him for negligence in the preparation of a tax return and is awarded a $3,000 judgment against him.

b. Joseph's 25-year-old son, who recently married and now lives in his own apartment, negligently kills another hunter in a hunting accident. The son is sued for $1 million in a wrongful-death lawsuit.

2. Martha rents an apartment and is the named insured under a Homeowners 4 policy (contents broad form) with a liability limit of $100,000 per occurrence and $1,000 medical payments. For each of the following situations, indicate to what extent, if any, the loss is covered under Section II of Martha's homeowner's policy. Assume there are no special endorsements, and each situation is an independent event.

a. Martha attends a party at a friend's house. She accidentally burns a hole in a couch with her cigarette. Itwillcost $500 to repair the damaged couch.
b. Martha rents a snowmobile at a ski resort and accidentally collides with a skier. Martha issuedfor $200,000 bytheinjuredskier.

3. Explain whether each of the following losses would be covered under Section II in the homeowner's policy. If the loss is not covered, explain how coverage can be obtained.

a. The insured owns a restaurant in a large city. The insured is sued by several customers who allege they became seriously ill from a contaminated banana cream pie served at the restaurant.
b. While operating a 30-foot sailboat, the insured injures a swimmer.
c. The named insured is sued by his ex-wife, who alleges her reputation has been ruined because the insured lied about her relationship with another man.

Reference no: EM132150740

Questions Cloud

Concept of a career development program : The concept of a career development program within a specific workplace is helpful for those individuals involved in that particular company.
Describe a time where you feel you have failed : Describe a time where you feel you have failed and blamed someone else: the teacher, the friend, a loved one. (Failure could be academic, relational).
Research topic freedom of expression first amendment : Research topic "freedom of expression" First Amendment in the USA. Also rights at others countries are given, particularly North Korea.
Interpersonal factors that influence business buying process : Why is it difficult to assess interpersonal factors that influence the business buying process?
Explain how coverage can be obtained : FINA 670 - Risk and Insurance - Explain whether each of the following losses would be covered under Section II in the homeowners policy
Perceive opportunity in serving rapidly growing segment : The best idea to start a business and perceive an opportunity in serving the rapidly growing segment of the US population over 50 is starting yoga class.
What you have learned about leadership : How well does he/she meet the practices covered in your required readings? What you have learned about leadership?
Plastic bottles used for beverages and household cleaners : Tinsley Plastics manufactures plastic bottles used for beverages and household cleaners.
What is relationship between innovation-innovation killers : What is the relationship between innovation and innovation killers? What role do clear decision roles have with opportunities to generate innovations?

Reviews

Write a Review

Risk Management Questions & Answers

  A project report on mutual funds

This project report speaks of the core and future aspects of Mutual Funds and the present challenges to cope with.

  Evalaute the theoretical option price

Evalaute the theoretical option price

  Risk and return

Investing in the stock market and Risk-free investment and inflation

  Evaluate the gross profit

Evaluate the gross profit

  Discuss concepts of risk and management

Risk lies at all levels of business activity. There are many different kinds of risks within an management as well as ways to manage risks.

  Determine the average risk premium

Here are stock market & Treasury bill percentage (%) returns between 2006 and 2010: Determine the average risk premium

  Hypothetical healthcare organization ratios

Discuss and explain why one should apply caution when using financial ratios for analyzing a healthcare management's current financial position and future viability.

  Discuss role of risk assessment

The financial information has been dominated currently by stories of financial institutions that have mis-measured risk as part of subprime mortgage crisis.

  Calculate maturity risk premium

The real risk-free rate is 3 percent, & inflation is expected to be 3 percent for the next two years. A 2-year Treasury security yields 6.3 percent.

  Selcting best option for portfolio

Suppose you are planning investing in two stocks to form a portfolio. Assume you do not like risk. Which one of given stock combinations will you select for your portfolio?

  Result of systematic or unsystematic risk

It has been a little over one year since the collapse of Lehman Brothers which was the first major event in the downturn of our stock market & economy.

  Determine risk management

Determine risk management? Discuss the importance of risk management in an organization? How does risk management mitigation create value for an organization?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd