1. Calculating property loss claim coverage. Most home insurance policies cover jewelry for $1000 and silverware for $2500 unless items are covered with additional insurance. If $3800 worth of jewelry and $2800 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance? 2. Computing actual cash value coverage. What amount what a person with actual cash value (ACV) Coverage receive for two-year-old furniture destroyed by fire? The furniture would cost $1000 to replace today and had an estimated life of five years. 3. Determining replacement cost. What would it cost an insurance company to replace a family's personal property that originally cost $42,000? The replacement cost for the items have increased 15%. Please show answer, explanation, and formula
1. Calculating property loss claim coverage. Most home insurance policies cover jewelry for $1000 and silverware for $2500 unless items are covered with additional insurance. If $3800 worth of jewelry and $2800 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance?
2. Computing actual cash value coverage. What amount what a person with actual cash value (ACV) Coverage receive for two-year-old furniture destroyed by fire? The furniture would cost $1000 to replace today and had an estimated life of five years.
3. Determining replacement cost. What would it cost an insurance company to replace a family's personal property that originally cost $42,000? The replacement cost for the items have increased 15%.
Please show answer, explanation, and formula
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