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1、FIN230ExamIReviewSessionAssignment1:KathyGuAssignment2:NealSimonsAssignment3:BrianAlvinAssignment4:BillSchneiderAssignment5:PCWongAssignment6:EricLamHomework#1ReviewStateFarmCarPolicy:YourUseofYourCarEcstaticallyhappyafterUofI’slatestfootballwin,youswerveintoyourdrivewayre
2、allyfast.Unfortunately,youhityourhand-carvedmailbox.Itcosts$1000torepairyourcarand$800torepairthemailbox.Yourpolicywillpay:$0$900$1600$1700NoneoftheaboveProblem#1Problem#1-AnswerB.$900Collisioncoveragewillcoverdamagestoyourcarlessa$100deductible($1000-$100=$900)Damagestoyo
3、urmailboxarenotcoveredb/cdamagestopropertyownedbyaninsuredareexcluded$900+$0=$900Problem#2WhiledrivingyourcarinMexico,30.5milesfromtheU.S.border,yourunintoadeerthathadescapedfromanearbyzoo.Youincur$500inmedicalbillsanditcosts$2500torepairyourcar.Yourpolicywillpay:A.$0B.$24
4、00C.$2900D.$3000E.NoneoftheaboveProblem#2-AnswerD.$3000Liability,medicalpayments,andphysicaldamagescoveragesapplyinMexicowithin50milesoftheU.S.border$500MedicalPayments$2500Comprehensive(HittingananimalisComprehensive)$500+$2500=$3000Problem#3Youaredrivingyourfriendhomeaft
5、eranightoutatthebars.Youcrossovertheintersectionandcrashintoanothercar.ThepoliceofficerchargesyouwithaDUIandfinesyou$1000.Thedriverofothercarwinsabodilyinjuryawardof$50,000.His4passengerswinbodilyinjuryawardsof$120,000,$80,000,$115,000,$20,000.Itcosts$20,000torepairtheirca
6、r.Yourfriendincurs$30,000inmedicalbillsandwinsaliabilityawardof$40,000.Youincur$40,000inmedicalbillsyourself.Itcosts$800torepairyoucar.Yourpolicywillpay:A.$0B.$320,500C.$370,700D.$375,700E.NoneoftheaboveProblem#3-AnswerC.$370,700BodilyInjuryLiabilityAwards:$100,000perperso
7、n/$300,000peraccidentlimit$50,000+$100,000+$80,000+$100,000+$20,000+$40,000=$390,000(greaterthan$300,000limit)$300,000BILiabilityPropertyDamageLiability:$100,000limit$20,000MedicalPayments:$25,000perperson$25,000(friend)+$25,000(yourself)=$50,000Collision:$800-$100Deducti
8、ble=$700$300,000+$20,000+$50,000+$700=$370,700Problem#4Whileyourcarisparkedoutsidethegroc
