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Complete 2 page APA formatted essay: Personal Risk Management Project.When Bob or any member of the family injure someone else or damage someone else’s property, the law may compel them to pay for t
Complete 2 page APA formatted essay: Personal Risk Management Project.
When Bob or any member of the family injure someone else or damage someone else’s property, the law may compel them to pay for the damage or loss. In such a case, their life savings, properties like home, and even their future income are in jeopardy. If someone sues any member of this family, and without enough insurance cover a major judgment could make this faaamiiily bankrupt. (Rebecca)
2 b) The insurer will have no liability and will not have any legal binding to compensate Mr. smith for the stolen vehicle. Collision coverage protects your car against damage caused while you are driving .He requires to have a comprehensive coverage which protects His car from damages that are not related to driving, events such as storm ,damage, fires and stealing of a motor vehicle. Meanwhile Smiths must have Liability coverage because it’s a requirement under the law.
2 d) Bodily Injury liability will cover for injuries caused to a third party. There is also Property Damage liability which covers damage caused to the third partys property.. If Mr. Smiths have liability limits of 25/50/10, it implies that $25,000 will cover the bodily injury caused to another single person. $50,000 will be the maximum payment for bodily injury per accident. $10,000 is for property damage cover. In order to pay any expenses incurred as a result of the accident, $ 4,000 in Medicare is taken care of by the $5,000 medical payment cover per-person limit in the healthcare policy. However, for Mrs. Smith’s car she will have to provide extra funds to repair her own vehicle.
In Sarah’s Health insurance plans, they have a 75-25 coinsurance .This typically means that after the deductible amount of $ 500 has been used up, she will be responsible for a set percentage of her medical expenses. She will be required to pay 25% of the hospital bill, while the insurer pays the other 75%. In her
