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Material Type: Notes; Professor: Martineau; Class: Modern Business Mathematics; Subject: Mathematics (MTH); University: Monroe Community College; Term: Unknown 1989;
Typology: Study notes
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Brigitte Martineau Section 12.
Why do we need owner’s insurance?
What item can we insure?
Who can buy owner’s insurance?
There are 2 types of owner’s insurance:
i.
ii.
Brigitte Martineau Section 12.
What is a deductible?
Cost of insurance (also called ___________________) depends on:
Table 12-1.1 Rate are given in $ per $100 of insurance
Rate Class A B C D E F
Structure Stone Frame
Contents Stone Frame
Liability $0.04 $0.07 $0.10 $0.13 $0.16 $0.
Examples:
Brigitte Martineau Section 12.
How to cancel a policy?
You can cancel a policy before expiration date in two different ways:
Example :
Settlement
When property is damaged, a claim is filed and a settlement is given.
The settlement is always the ______________ amount between the amount of loss or the amount of insurance.
Examples:
Brigitte Martineau Section 12.
Co-Insurance Clause
A co-insurance clause (or average clause) is a clause preventing property owners form being
The insurance company asks for a minimum amount of insurance in order to get a full settlement. If you do not have the required minimum, your settlement is calculated according to the following:
Settlement =
Example