Podcast
Questions and Answers
What is the total dollar value of the property damage Stephanie caused?
What is the total dollar value of the property damage Stephanie caused?
$99,000
Does Stephanie have enough coverage to cover the property damages?
Does Stephanie have enough coverage to cover the property damages?
True (A)
How much per person and per accident will Stephanie's insurance pay for bodily injury that she caused?
How much per person and per accident will Stephanie's insurance pay for bodily injury that she caused?
- $75,000 per person, $200,000 per accident
- $100,000 per person, $300,000 per accident (correct)
- $200,000 per person, $500,000 per accident
- $50,000 per person, $150,000 per accident
How much of the remaining hospital bills for the passenger in the luxury car will Stephanie be held personally responsible for?
How much of the remaining hospital bills for the passenger in the luxury car will Stephanie be held personally responsible for?
How could Stephanie have adjusted her insurance policy to protect herself from having to pay for the results of her accident?
How could Stephanie have adjusted her insurance policy to protect herself from having to pay for the results of her accident?
If Stephanie had purchased the state minimum 25/50/15 policy for coverage, how much would she have had to pay after the accident?
If Stephanie had purchased the state minimum 25/50/15 policy for coverage, how much would she have had to pay after the accident?
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Study Notes
Property Damage Overview
- Stephanie caused a total of $99,000 in property damage, with $4,000 attributed to a sedan and $95,000 to a luxury car.
Coverage Assessment
- She has just enough insurance coverage to cover the property damages.
Bodily Injury Coverage
- Stephanie's insurance covers bodily injury at the following limits:
- $100,000 per person
- $300,000 per accident
Personal Responsibility for Medical Bills
- Without an umbrella policy, Stephanie is responsible for $85,000 in remaining hospital bills for the passenger of the luxury car.
Policy Adjustment for Protection
- To mitigate personal financial responsibility from the accident, Stephanie could increase her insurance coverage for bodily injury per person.
Alternative Coverage Scenario
- If Stephanie had opted for the state minimum 25/50/15 policy, she would have incurred $79,000 in costs post-accident.
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