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Personal Auto Policy Essay Discussion Paper

Question

1. A tornado strikes your property. You lose your home which is worth $100,000 and you also lose your unattached garage which is worth $8,000 and your personal property which is worth $30,000. You will collect the following amount as part of your claim under your Homeowner’s Five policy form:

A- $108,000
B- $100,000
C- $138,000
D- None of the above

2. A tornado causes the garage to collapse on Mr. Woody's car, and the damage to the car is $5,000. Mr. Woody has a Personal Auto Policy (PAP) with both Collision and Other than Collision coverages. A $200 deductible applies to the “Collision” coverage. There is no deductible applying on the “Other than Collision” coverage. How much is paid by the PAP for the tornado damage? Personal Auto Policy Essay Discussion Paper
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A- $-0-
B- $4,000
C- $4,800
D- $5,000

3. Bill is an insured under a personal auto policy with liability limits of $100,000 per person bodily injury / $300,000 per accident bodily injury and $25,000 property damage liability. It is determined that Bill is responsible for an auto accident involving a single driver in another vehicle that resulted in $100,000 in damages for bodily injury and was finally settled for the $100,000. The costs incurred by the insurer to defend Bill insured were an additional $25,000. What amount did the insurer end up paying as a result of the accident?
A. $20,000
B. $90,000
C. $100,000
D. $125,000

4. Jean lent her van to a church member, Lindsey, who was transporting a group of teenagers to a church sponsored picnic. While on the way to the picnic, the van overturned, injuring one of the teenagers. The parent of the injured teenager has sued Jean, Lindsey, and the church for the teenager's injuries and future disability. Who is insured for liability under the Jean's Personal Auto Policy (PAP) for this accident? Personal Auto Policy Essay Discussion Paper
A. Jean only
B. Jean and Lindsey only
C. Lindsey and the church only
D. Jean, Lindsey, and the church

Expert Answer

This solution was written by a subject matter expert. It's designed to help students like you learn core concepts.

Step-by-step

1st step
All steps
Answer only

Step 1/3

1. C- $138,000 (The Homeowner’s Five policy form typically covers the loss of the dwelling, unattached structures such as garages, and personal property. In this case, the policy would cover the loss of the home for $100,000, the unattached garage for $8,000, and the personal property for $30,000, totaling $138,000.)

Step 2/3

D- $5,000 (Since the car was damaged due to the tornado, it falls under the “Other than Collision” coverage of the Personal Auto Policy, which has no deductible

Explanation for step 2

Therefore, the full amount of the damage, which is $5,000, will be paid by the PAP.)

Step 3/3

C- $100,000 (The insurer will pay the full limit of the bodily injury liability coverage per person, which is $100,000 in this case

Explanation for step 3

The defense costs of $25,000 are in addition to the policy limits and are paid by the insurer.)

Final answer

B- Jean and Lindsey only (Since Lindsey was driving Jean's van with Jean's permission, both Jean and Lindsey would be insured for liability under Jean's Personal Auto Policy (PAP) for this accident. The church would not be insured under Jean's PAP unless it was added as an additional insured on the policy.) Personal Auto Policy Essay Discussion Paper

Expert Answer

Personal Auto Policy Essay Discussion Paper

Question

1. A tornado strikes your property. You lose your home which is worth $100,000 and you also lose your unattached garage which is worth $8,000 and your personal property which is worth $30,000. You will collect the following amount as part of your claim under your Homeowner’s Five policy form:

A- $108,000 B- $100,000 C- $138,000 D- None of the above 2. A tornado causes the garage to collapse on Mr. Woody's car, and the damage to the car is $5,000. Mr. Woody has a Personal Auto Policy (PAP) with both Collision and Other than Collision coverages. A $200 deductible applies to the “Collision” coverage. There is no deductible applying on the “Other than Collision” coverage. How much is paid by the PAP for the tornado damage? Personal Auto Policy Essay Discussion Paper

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A- $-0- B- $4,000 C- $4,800 D- $5,000 3. Bill is an insured under a personal auto policy with liability limits of $100,000 per person bodily injury / $300,000 per accident bodily injury and $25,000 property damage liability. It is determined that Bill is responsible for an auto accident involving a single driver in another vehicle that resulted in $100,000 in damages for bodily injury and was finally settled for the $100,000. The costs incurred by the insurer to defend Bill insured were an additional $25,000. What amount did the insurer end up paying as a result of the accident? A. $20,000 B. $90,000 C. $100,000 D. $125,000 4. Jean lent her van to a church member, Lindsey, who was transporting a group of teenagers to a church sponsored picnic. While on the way to the picnic, the van overturned, injuring one of the teenagers. The parent of the injured teenager has sued Jean, Lindsey, and the church for the teenager's injuries and future disability. Who is insured for liability under the Jean's Personal Auto Policy (PAP) for this accident? Personal Auto Policy Essay Discussion Paper A. Jean only B. Jean and Lindsey only C. Lindsey and the church only D. Jean, Lindsey, and the church

Expert Answer

Step-by-step

1st step

All steps

Answer only

Step 1/3

1. C- $138,000 (The Homeowner’s Five policy form typically covers the loss of the dwelling, unattached structures such as garages, and personal property. In this case, the policy would cover the loss of the home for $100,000, the unattached garage for $8,000, and the personal property for $30,000, totaling $138,000.)

Step 2/3

D- $5,000 (Since the car was damaged due to the tornado, it falls under the “Other than Collision” coverage of the Personal Auto Policy, which has no deductible

Explanation for step 2

Therefore, the full amount of the damage, which is $5,000, will be paid by the PAP.)

Step 3/3

C- $100,000 (The insurer will pay the full limit of the bodily injury liability coverage per person, which is $100,000 in this case

Explanation for step 3

The defense costs of $25,000 are in addition to the policy limits and are paid by the insurer.)

Final answer

B- Jean and Lindsey only (Since Lindsey was driving Jean's van with Jean's permission, both Jean and Lindsey would be insured for liability under Jean's Personal Auto Policy (PAP) for this accident. The church would not be insured under Jean's PAP unless it was added as an additional insured on the policy.) Personal Auto Policy Essay Discussion Paper

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