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1: Case Application 1
Cliff, 20, is a Brooklyn College student who recently purchased his first car from a neighbor. The car is a 2004 Nissan Altima with 175,000 miles and a current market value of $3,000. Imagine you are his insurance broker, and Cliff asks your advice concerning the various coverages in the Personal Auto Policy (PAP).
A: Describe and explain fully Parts A – F of the Personal Auto Policy (PAP).
Response:
Part A:
Part B:
Part C:
Part D:
Part E:
Part F:
B: Which of the coverages listed above should Cliff purchase? Explain fully why.
Response:
C: Which of the coverages listed above should Cliff not purchase? Explain fully why.
Response:
2: Case Application 2
Robert and Isabelle are married and own a home insured for $150,000 under an unendorsed HO-3 policy. The replacement cost of the home is $250,000. Personal property is insured for $75,000. Isabelle has jewelry valued at $10,000. Robert has a coin collection valued at $15,000 and a motorboat valued at $20,000.
A: Imagine you are their risk manager, and they asked you to evaluate their HO-3 policy. Demonstrate your understanding of the homeowner’s policy and your ability to apply the knowledge by making several recommendations for improving their coverage and explain fully the benefits of your recommendations.
Response:
B: A fire damaged one bedroom of the home. The actual cash value of the loss is
$10,000. The cost of repairs is $16,000. Demonstrate your understanding of the homeowner’s policy and your ability to apply the knowledge by suggesting how much the insurance company pays for the loss and explaining why they should pay. Discuss and explain fully the section of the policy that applies.
Response:
3: Case Application 3
Tom owns and operates a scuba shop that sells masks, tanks, valves, gauges, compasses, fins, weights, belts, and scuba diving accessories. The scuba business is seasonal. A large part of the annual revenues are generated in June, July, and August. Tom keeps the shop open during the remaining months of the year, but the inventory carried during those months is reduced. During the summer months, the amount of inventory on hand is substantially increased.
Tom has the business insured under the special form business owners policy (BOP) with no endorsements attached. Imagine you are a risk management consultant.
A: Define loss exposure. Identify and discuss fully the major loss exposures that Tom faces.
Response:
B: Assume that a covered loss occurs in July, which damages part of the inventory. Does the BOP provide any protection for the increase in inventory during the summer months? Explain fully your answer.
Response:
C: Tom plans to hire an additional employee during the summer months when sales are increasing. She is concerned about possible employee theft and dishonesty. Explain to Tom how this loss exposure can be handled under the BOP. Identify and explain fully the relevant policy provisions.
Case Application 4 –
Part A: The personal umbrella policy provides protection against a catastrophic lawsuit or judgment.
Imagine you are still the insurance broker for Maria and Howard.
1 Identify and explain one basic characteristic and one exclusion in an umbrella policy. 35-word minimum
Response:
2 In your opinion, why should someone purchase a personal umbrella policy? 35-word minimum
Response:
3 Identify and explain briefly one concept you learned in Chapter 23 and give an example. 35-word minimum
Response:
4 Identify and explain briefly one concept you learned in Chapter 24 and give an example. 35-word minimum
Response:
Part B: Anthony owns a smartphone repair shop that is insured under a commercial package policy. The commercial policy includes the building and personal property coverage form and the cause of loss broad form. The declarations page indicates that coverage applies to both the building and the named insured’s business property.
1 Select one of the following and explain why or why not the loss would be covered under his policy. 35-word minimum
A) A fire occurs on the premises, and the building is badly damaged,
B) A burglar steals some money and securities from an unlocked safe,
C) A business computer is damaged by vandals who break into the shop after business hours, or
D) A tornado touches down near the store. Several smartphones in the shop for repair are damaged in the storm
Response:
2 In your opinion, why should someone purchase a commercial insurance policy? Give an example. 35-word minimum
Response:
3 Identify and explain briefly one concept you learned in Chapter 25 and give an example. 35-word minimum
Response:
4 Identify and explain briefly one concept you learned in Chapter 26 and give an example. 35-word minimum
Response:
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