1- Solve the problem.
The Corner Cafe has a replacement cost of $262,000 and is insured for $186,020 with an 80% coinsurance clause. The building has a fire loss of $24,300. How much will the insurance company pay?
Select one:
a. $24,300
b. $25,880
c. $21,566
d. $17,253
2- Find the amount paid by each insurance company. Assume that any coinsurance requirement is met.
Insurance loss: $15,000
Company A coverage: $90,000
Company B coverage: $30,000
Select one:
a. A pays: $11,250
B pays: $3750
b. A pays: $10,500
B pays: $4500
c. A pays: $15,000
B pays: $0
d. A pays: $13,500
B pays: $1500
3- Solve the problem.
A driver injures a bicycle rider. The driver has bodily injury limits of 15/30. In court, the injured rider is awarded damages of $19,000 Find the amount that the insurance company must pay and the amount that the insured must pay.
Select one:
a. $30,000, $0
b. $19,000, $0
c. $15,000, $4,000
d. $0, $15,000
4- Find the book value after the given number of years, using the straight-line method. Round your answer to the nearest dollar.
Find the book value at the end of the first year.
Cost: $4500
Estimated life: 5 years
Estimated scrap value: $700
Select one:
a. $3740
b. $2980
c. $3600
d. $760
7- Solve the problem. Round to the nearest dollar.
Rainbow Ice Cream bought a frozen custard maker that cost $6500. The expected life is 6000 hours of production with a salvage value of $650. Find the book value at the end of the third year. Use the units-of-production method of depreciation given the following production schedule.
Year 1 1530 hours
Year 2 1650 hours
Year 3 1290 hours
Select one:
a. $2119
b. $4381
c. $1469
d. $1657
8- Solve the problem. Round to the nearest dollar.
Central Street bought a rolling machine that cost $76,000. The expected life is 700,000 hours of production with a salvage value of $7600. Find the book value at the end of the third year. Use the units-of-production method of depreciation given the following production schedule.
Year 1 175,000 hours
Year 2 171,000 hours
Year 3 164,000 hours
Select one:
a. $51,000
b. $25,000
c. $20,629
d. $17,400
9- Find the annual straight-line rate of depreciation for the estimated life.
50 years
Select one:
a. 0.2%
b. 1.0%
c. 2.0%
d. 50%
10- Find the amount paid by each of the multiple carriers.
The Hamilton Race Track had a fire loss of $319,000. They had insurance as follows: company A $250,000, company B, $200,000 ; and company C, $50,000. Find the amount paid by each carrier. Assume the coinsurance requirement is met.
Select one:
a. A pays: $127,600
B pays: $127,600
C pays: $63,800
b. A pays: $319,000
B pays: $0
C pays: $0
c. A pays: $159,500
B pays: $106,333
C pays: $53,167
d. A pays: $159,500
B pays: $127,600
C pays: $31,900
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