The insured person must prepare a report, outlining full details of the loss including all items destroyed, damaged, or stolen and their actual cash value, within...*1 point24 hours1 week60 days180 days

A tenant with this insurance policy suffers a substantial loss due to lightning strike and an apartment fire that erupts as a result of that storm. The tenant should take each of the following steps as soon as possible EXCEPT…*1 pointCall the insurance company and report the loss and damagesSign up for additional renters insurance, as this coverage has now been “used up” and will expireDivide property into “damaged” and “undamaged” categories and submit a thorough list of everything “damaged”Provide receipts, when available, for damaged items, costs associated with living elsewhere, and costs of doing any self-repair on the rental property

Paperwork filed with an insurance company in order to get them to cover a loss for someone they insureAppraisalClaim

What happens if the insured tenant and the insurance company fail to agree on the amount of loss?*1 pointEither the tenant or the company can request an appraisal, so that an impartial third party determines the amount of lossThe insurance policy becomes null and voidThe insurance company is forced to pay the current online market price for the itemThe landlord or owner of the building must make up the difference in the disputed value

Applies to the amount of protection you have through an insurance company in the event of a lossCoveragePremium

Suppose now June can purchase insurance for the transport of her householde§ects at a price of q 2 (0; 1) per dollar of coverage. That is, if she chooses apolicy that covers a maximum of C in the event of a loss, she pays qC to theinsurance company and they agree to pay her in the event of a loss, the valueof her loss up to the agreed maximum cover of C. So, in particular, if she3takes out a policy with the maximum coverage of L, then she will be fullyinsured in the event of the truck crashing since her state-contingent wealthwill be M qL in the event the truck does not crash and M qL L + L =M qL in the event the truck crashes.(d) (5 points) Illustrate on your diagram from part (a) her state-contingentwealth bundles corresponding to the set of choices going from zero cov-erage (that is, C = 0) to full coverage (that is, C = L). [Hint: eachadditional dollar of coverage reduces Juneís wealth by q dollars in theevent the truck does not crash and increases it by q + 1 in the eventthe truck crashes.]