Topic insurancesteve has taken an insurance policy to cover

Assignment Help Business Economics
Reference no: EM13373253

Topic: Insurance

Steve has taken an insurance policy to cover his 1940 house. At the time of application, the insurer "Home Protection Insurer" asked a number of questions in relation to the house including how the house was built and the structural integrity of the house.

In response to these questions, in part due to a lack of understanding, Steve responded that the house was built from concrete blocks. However, Steve has built the property with straw bale supported by concrete. Steve leaves the question on structural integrity blank.

One month after obtaining the policy there is a severe storm which causes damage to the house as well contents. Steve seeks to rely on the insurance policy.

Required:

1. Advise Steve whether he will able to rely upon his insurance policy. Support your answer with relevant cases and legislation.

2. Assume that Steve has correctly answered all questions within the insurance policy application. Then assume that Steve has another policy that covers his house at the same time as having applied for this one. When the damage occurs Steve aims to rely on both policies to profit. What are the limitations (if any) to Steve doing this?

3. With reference to relevant material, including legislation and case law, explain what the term ‘indemnity' means and how this is applied in insurance law. You may make reference to the above question but it is not essential.

You do not need to divide your efforts equally between questions but ultimately within the word limit provided you need to ensure that you have consistently and thoroughly explored and answered each question. The marks allocated for each question should guide you in relation to relative importance of that question to the assignment and this should assist you in determining the time you need to spend on the each question as well as the length of your response. In answering all questions you must support your answer (as far as practicable) with relevant and appropriate cases and legislation

Reference no: EM13373253

Questions Cloud

The most popular way for international expansion is for a : the most popular way for international expansion is for a local firm to acquire foreign companies. one of the most
Questionnbspone idea that the consultant had was to reduce : questionnbspone idea that the consultant had was to reduce prices to bring in more customers. if average prices were
Presented below are the financial balances for the atwood : presented below are the financial balances for the atwood company and the franz company as of december 31 2009
Suppose that marginal utility of good a is 4 times the : suppose that marginal utility of good a is 4 times the marginal utiltiy of good b but the proce of good ais only 2
Topic insurancesteve has taken an insurance policy to cover : topic insurancesteve has taken an insurance policy to cover his 1940 house. at the time of application the insurer
Question 1nbspnbspnbsp parker corporation has issued 2000 : question 1.nbspnbspnbsp parker corporation has issued 2000 shares of common stock and 400 shares of preferred stock for
Macroeconomicsnbspquestion 1an economy is currently in : macroeconomicsnbspquestion 1an economy is currently in equilibrium and the following figures refer to elements in its
The occurrence that most likely wold have no effect on 2010 : the occurrence that most likely wold have no effect on 2010 net income is thenbspastock purchased in 1996 deemed
Study appendix 13 consider the following data for the : study appendix 13. consider the following data for the rivera companyfactory overhead fixed variable actual incurred

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd