7. Felix Madison has $10,000 worth of property damage insurance and a $1,000 deductible collision insurance policy. He had a tire blow out while driving and crashed into a $1,400 fire hydrant. The crash caused $1,600 in damages to his car.
a. Which insurance covers the damage to the fire hydrant?
b. How much will the insurance company pay for the fire hydrant?
c. Which insurance covers the damage to the car?
d. How much will the insurance company pay for the damage to the car?
Answers
Given : Felix Madison has $10,000 worth of property damage insurance and a $1,000 deductible collision insurance policy.
He had a tire blow out while driving and crashed into a $1,400 fire hydrant. The crash caused $1,600 in damages to his car.
To Find :
a. Which insurance covers the damage to the fire hydrant?
b. How much will the insurance company pay for the fire hydrant?
c. Which insurance covers the damage to the car?
d. How much will the insurance company pay for the damage to the car?
Solution:
property damage insurance covers the damage to the fire hydrant
insurance company pay $1,400 for the fire hydrant
collision insurance covers the damage to the car
insurance company pay for the damage to the car = 1600 - 1000
= 600 $
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