MATH Intermediate Questions

in 2 hours 10 question!!!

1- Solve the problem.

The Corner Cafe has a replacement cost of $262,000 and is insured for $186,020 with an 80% coinsurance clause. The building has a fire loss of $24,300. How much will the insurance company pay?

Select one:

a. $24,300

b. $25,880

c. $21,566

d. $17,253

2- Find the amount paid by each insurance company. Assume that any coinsurance requirement is met.

Insurance loss: $15,000

Company A coverage: $90,000

Company B coverage: $30,000

Select one:

a. A pays: $11,250

B pays: $3750

b. A pays: $10,500

B pays: $4500

c. A pays: $15,000

B pays: $0

d. A pays: $13,500

B pays: $1500

3- Solve the problem.

A driver injures a bicycle rider. The driver has bodily injury limits of 15/30. In court, the injured rider is awarded damages of $19,000 Find the amount that the insurance company must pay and the amount that the insured must pay.

Select one:

a. $30,000, $0

b. $19,000, $0

c. $15,000, $4,000

d. $0, $15,000

4- Find the book value after the given number of years, using the straight-line method. Round your answer to the nearest dollar.

Find the book value at the end of the first year.

Cost: $4500

Estimated life: 5 years

Estimated scrap value: $700

Select one:

a. $3740

b. $2980

c. $3600

d. $760

7- Solve the problem. Round to the nearest dollar.

Rainbow Ice Cream bought a frozen custard maker that cost $6500. The expected life is 6000 hours of production with a salvage value of $650. Find the book value at the end of the third year. Use the units-of-production method of depreciation given the following production schedule.

Year 1 1530 hours

Year 2 1650 hours

Year 3 1290 hours

Select one:

a. $2119

b. $4381

c. $1469

d. $1657

8- Solve the problem. Round to the nearest dollar.

Central Street bought a rolling machine that cost $76,000. The expected life is 700,000 hours of production with a salvage value of $7600. Find the book value at the end of the third year. Use the units-of-production method of depreciation given the following production schedule.

Year 1 175,000 hours

Year 2 171,000 hours

Year 3 164,000 hours

Select one:

a. $51,000

b. $25,000

c. $20,629

d. $17,400

9- Find the annual straight-line rate of depreciation for the estimated life.

50 years

Select one:

a. 0.2%

b. 1.0%

c. 2.0%

d. 50%

10- Find the amount paid by each of the multiple carriers.

The Hamilton Race Track had a fire loss of $319,000. They had insurance as follows: company A $250,000, company B, $200,000 ; and company C, $50,000. Find the amount paid by each carrier. Assume the coinsurance requirement is met.

Select one:

a. A pays: $127,600

B pays: $127,600

C pays: $63,800

b. A pays: $319,000

B pays: $0

C pays: $0

c. A pays: $159,500

B pays: $106,333

C pays: $53,167

d. A pays: $159,500

B pays: $127,600

C pays: $31,900

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