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Free «Insurance Policies» Essay Sample

1. The real properties owned by Smiths are the house in the residential neighborhood and the mountain cottage they live in during winter vacations.  

The main categories of personal property are tangible and intangible.

An example of a property owned by the Smiths that belongs to the tangible category is furniture while they do not own any property that can be classified as intangible property.

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2. Coverage A covers the structure of the home. A house is the best example of what is covered in Coverage A.

Coverage B covers the structures, which are not attached to the home. Whichever item is covered in this coverage covers 10% of the main home structure. An example here is a garage.

Coverage C covers personal property up to 40%-50% of the coverage of the main home structure. A good example here is furniture.

Coverage D- this covers a temporarily lodging if it happens that the main home of the insured is destroyed or damaged. Reimbursement here is between 10-20% of the coverage of the main home structure (Bird, 2007). The best example here is increased living expenses.

3. Dwelling Policy is a policy that is also referred to as coverage A. It covers the home structure. It initially covered the losses caused to the main structure by fire later, it was realized that other types of losses were coming up; all these were included in the policy.

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Dwelling Policy differs from Homeowner's Policy (HO3) in that it does not include medical payments and liability to others. Although a house should be furnished, Dwelling Policy assumes that rental houses come put unfurnished and therefore does not cover coverage C.  HO3 covers the main structure as well as its contents while for these contents to be included in the Dwelling Policy, one has to list them all and pay an extra premium for them (Anderson, Stanzler & Masters, 2005).

 The forms offered for Dwelling Policies by the ISO are (Organization for Economic Co-operation and Development, 1999):

  • ISO Condominium Insurance Policy CP 00 17 04-02
  • ISO Dwelling Insurance Policy Copy Endorsements
  • ISO Dwelling Insurance Policy Endorsement - Building Code Upgrade CP 04 05 06 95 1994
  • ISO Dwelling Property Insurance Basic Form DP-1 12-02
  • ISO Dwelling Property Insurance Policy Copy Basic Form DP-1 12-02
  • ISO Dwelling Property Insurance Policy Copy Basic Form DP-1 1-77
  • ISO Dwelling Property Insurance Policy Copy Broad Form DP-2 1-77
  • ISO Dwelling Property Insurance Policy Copy Special Form DP-3 7-88
  • ISO Dwelling Property Insurance Policy Copy Special Form DP-3 9-83

4. Saving for retirement is a plan that helps a person enjoy his life after working. In order for a person to save adequately for the future, he has to consider the number of years he may live after work, the unexpected health cases, inflation, withdrawal rate and asset allocation. In order to save for my retirement, I have joined making investments, which I will be able to depend on their revenue after retiring.

a.  Term- this is life insurance for a specific period of time and the face amount remaining constant or declining while the premium can remain constant or increase.  

b.  Whole Life- covers the whole life of the individual in that the premium matures after death. The benefits here are death benefits are guaranteed, mortality expenses do not affect the face value of the policy and the cash values are guaranteed.  

c.  Universal Life- the difference between this policy and that of whole life is that the premiums are flexible while they are inflexible for whole life. The cash values have a higher potential growth.

d. Variable Universal Life- the cash values invested are built in separate accounts with cash invested in bonds and stock markets.

Whole life is the best because it covers the whole life of an individual and since one will at the end die, he will not leave his dependants with financial problems.

   

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