I need forum post replies for finance and microecon courses. These are for replies to other students post. The post provided below are what my fellow classmates have said in the forum. It looks long, but I only need 800 words total (100 per response) Forum Post #1 Finance/Risk Management Coverage A – Dwelling “Coverage A covers the dwelling on the residence premises as well as any structure attached to it… specifically excludes land” (Redja, 2011). Additionally, materials that are intended to be used to construct an covered building are covered as well. An example of a loss that would be covered under coverage A is a tree falling on a house or attached garage. Coverage B – Other Structures Unlike coverage A, coverage B covered buildings on a residence that are not attached to a dwelling. These structures must be separated by “clear space” and structures connected by a fence are covered as well (Redja, 2011). Ten percent of the coverage purchased on the dwelling applies to other structures. Finally, if the property is rented out, any damage caused by a non-tenant. An example of a situation covered by coverage B is if a shed that is not attached to the dwelling is damaged in a grass fire. Coverage C – Personal Property Any property owned, used, or borrowed is covered anywhere is the world under coverage C. Additionally, an invited guest’s items are covered. If an item is primarily kept at another residence, the coverage is 10% of coverage C or $1,000 whichever is greater (Redja, 2011). This rule does not apply if the item is moved because the primary residence is being repaired or maintenance is being performed. An example of the use of coverage C is if a firearm is damaged in a house fire. Coverage D – Loss of Use “Coverage D provides protection when the residence premises cannot be used because of a covered loss” (Redja, 2011). There are three benefits provided by coverage D: additional living expense, fair rental value, and prohibited use. Additional living expense pays for any additional living expenses if a covered loss makes the dwelling unfit to live in. Fair rental value provides payment, if the dwelling is partially rented to another tenant, for the rental value paid by the tenant. Prohibited use covers expenses in the event that the insured cannot live in the house “because of direct damage to neighboring premises from an insured peril” (Redja, 2011). A few examples that would covered under coverage D are: if a family is forced to live in a hotel until fire damage is repairs on their house and if the owner of a house is having another person paying rent and both are displaced because of tornado damage. References Rejda, G. E. (2011). Principles of risk management and insurance (11th ed.). Boston, MA: Pearson Prentice Hall. Forum Post #2 Finance/Risk Management The Section 1 property coverages provide different types of coverage to an insured individual. For each of the following coverages briefly describe the type of coverage provided and give an example of a loss that would be covered. Coverage A-Dwelling: This covers the residents’ premises as well as the structure that is attached to it (Rejada, 2011). This excludes the land that it is on. The materials that are being used to build the covered building at hand is also covered under this. An example would be a big tree that falls because of a storm and falls right on the covered building like the house. Coverage B-Other Structures: The buildings that are covered under this is buildings that are not part of the dwelling (Rejada, 2011). It needs to be separated by big clear spaces and can also be separated by a fence that is on the premises. An example is a garage that goes up in flames and is not attached to the home. Coverage C-Personal Property: The property is owned, used, or even borrowed (Rejada, 2011). The property under this coverage is at a different residence then your own and is going through maintenance. An example of this would be a gun that is in the home and is ruined within a house fire. Coverage D-Loss of Use: Under this coverage you are protected when the residence of the owner is not being used because of a loss (Rejada, 2011). Three benefits to this coverage is additional living expense (pays for living expense if the dwelling is unfit to live in), fair rental value (dwelling is partially rented to another person/tenant that is when payment is provided), and even the prohibited use (it covers expenses from damages and the property cannot be lived in). Reference: Rejada, G.E. (2011). Principles of risk management and insurance (11th ed.). Boston, MA: Pearson Prentice Hall. ISBN: 9780136117025 Forum Post #3 Finance/Risk Management Part A – Liability Coverage Liability coverage “protected a covered person against a suit or claim arising out of the ownership or operation of a covered vehicle” (Redja, 2011). Most liability coverages have separate limits for the amount of personal injury and property damage coverages. Others have a single limit that does not specify separate limits, rather one lump sum limit. If the owner of the vehicle had liability insurance and accidentally destroyed a mailbox, liability insurance could cover it. However, most policies it would be better to pay that expense out of pocket if it was covered. Part B – Medical Payments Coverage “The (insurance) company will pay all reasonable medical and funeral expenses incurred by an insured for services rendered within three years from the date of the accident” (Redja, 2011). In this type of coverage, fault has no bearing on payment. The limit of payments to each insured individual involved in an accident is usually limited somewhere between $1,000 and $10,000. One interesting exclusion is bodily injury caused by nuclear weapon or radiation. An example of a covered injury would be a broken leg from a car accident. Part C – Uninsured Motorists Coverage Uninsured motorists coverage pays for bodily, and sometimes property, damage caused by a driver that does not have insurance (Rejda, 2011). This also covers damages incurred from a hit-and-run accident and damages caused by a driver whose insurance company no longer exists. Uninsured motorists coverage would pay for damages caused by a driver who does not have insurance and hits an insured person’s car. Part D – Coverage for Damage to Your Auto Part D coverage provides insurance for damages caused to an insured individual’s car or theft of the car. Under this coverage, not all of the components of the car are covered. Some electronics are excluded, such as, CD players and GPS systems. If the individual’s part D coverage includes other-than-collision loss then damage caused from missiles is covered (Redja, 2011). An example of an event that is covered under part D is rolling your car because of irresponsible driving.ReferencesRejda, G. E. (2011). Principles of risk management and insurance (11th ed.). Boston, MA: Pearson Prentice Hall. Forum Post #4 – Finance3/Risk Management The personal auto policy contains several coverages that meet the insurance needs of typical insured individuals. For each of the coverages, briefly describe the type of coverage provided, and give an example of a loss that would be covered. Part A-Liability Coverage: This is a suit or claim that has risen from the ownership of a covered vehicle. They have separate amounts/limits for the personal injury of an individual or even the property that is damaged. As long as the owner of the vehicle at hand has the liability insurance then if they accidentally hit something it should be covered under this coverage (Rejada, 2011). Part B-Medical Payments Coverage: The insurance company will pay for all the reasonable expenses that deal with medical and even the death of an individual at hand. The fault of the accident or such has no bearing on the payment that is being rendered to the individual. The insured individual that is in the accident is usually limited to $1,000 to $ 10,000 (Rejada, 2011). Part C-Uninsured Motorists Coverage: This coverage pays for the body or even property that is damaged by an individual that does not have insurance on their vehicle (Rejada, 2011). An example would be when an insured and uninsured get into an accident and the damages are covered by the driver that who does not have insurance. Part D-Coverage for damage to your auto: Damages that are caused to an individual’s car or the theft of the car. Not all of the parts of the car are covered and that is some electronics like CD player. Things like collision loss is covered within this coverage. Reference: Rejada, G.E. (2011). Principles of risk management and insurance (11th ed.). Boston, MA: Pearson Prentice Hall. ISBN: 9780136117025 Forum Post #5 – Microeconomics Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market. So what I gathered from this discussion topic is how the flow chart incorporates the household income. To be exact, how it works in my family household. I think the flow chart is explaining how a family income is distributed throughout the corporate world such as paying rent or mortgage, utilities, repairs, insurance, etc. This revenue of money flow pay employers that work for different companies then wages and profits that the household earns is produced back into the household as money is earned and the cycle continues. It’s like the circle of life aspect. In everyday life we experience the circular flow of income in our spending habits. It’s important to know how circular flow works and how it applies to your household and firms. We control our spending as well as our savings if we fully understand circular flow. There are two movements of circular flow which are income and withdrawals. Income is money coming in and withdrawals are the changes of funds going out of a circular motion. In the income and withdrawals this is called injections. Injections are usually caused by the government. References: Amacher, R, & Pate, J. (2013). Microeconomics principles and policies. Forum Post #6 – Microeconomics Circular flow is that products are produced and then they are purchased by consumers. ‘The circular flow model is a visual picture of the relationships between the resource market, in which income is earned, and the product market, in which income is used to purchase goods and services.’ (Amacher, R., & Pate, J., 2013) This visual picture shows how the world in which we live is connected and dependent on one another. My husband worked for the County Road Department; and the roads that he helped to build and maintain provided a service for the public to be able to get back and forth to work or to the store or wherever they needed to go. I work in a sorcery store where people come to purchase products that brought to the store on the roads my husband and others maintain. All of this is beneficial to one another. It all works together. One would not survive without the other. The producers would not be able to get their good to market without the roads on which to travel and the consumer could not get to the market without the roads. With the income my husband and I earn we are able to travel on the roads to the market to purchase the products that are delivered there by the producers, which earn money to purchase the products in the stores.Reference Amacher, R., & Pate, J. (2013). Microeconomics principles and policies. San Diego, CA: Bridgepoint Education, Inc. Forum Post #7 – Microeconomics The law of demand applied to my purchase of a lawn tractor this summer. The law of demand states that the quantity demanded of a good or service in a given time period is negatively related to its price, ceteris paribus (Amacher & Pate 2013). Grass cutting is a seasonal and the demand for grass cutting is up during summer time of the year. Time has change since I purchase my last lawn tractor and at that time the Zero-turn tractor hadn’t hit the market yet. The prices of the lawn tractor was all about the same rice range (give or take a couple of hundred dollars), and when the Zero-turn hit the market it was like “Writes Land of Economics” – states that Prices can change due to a change in demand. Changes in demand respond to factors other than price, such as an increase in the number of consumers, or changes in consumer income. The demand holding constant and the price did drop some and continue to hold constant. This product has change in price from the beginning, because the price was not at the consumer level or market. As it became popular with commercial industries, with its speed and durability companies began to produce more and on a residental level and became more affordable for consumers. The change in price did affect my decision, especially when I was in the market for a new lawn tractor. Forum Post #8 – Microeconomics Lately, my cat has not been eating the way he should. So I went to the pet store and bought him two cans of senior cat formula, for $5.59 a can. This was on sale, marked down from $7 per can. If it had been $7 a can, I might not have bought two cans, or may have looked elsewhere (online, for example) for a better deal. There weren’t that many cans left on the shelf, either.This relates to the law of supply and demand because the store may have been discontinuing the item, so they lowered the price to entice folks like myself to buy more at one time. This is because, if they were not receiving more supply, they needed the space on the shelf for something else. The change in price definitely affected my decision to purchase two cans instead of just one. I saved a total of about $2.80. Looking back, I should have wiped out the lot of it, because my cat now needs between 16 and 24 ounces a day, and they are only 11 ounce cans.
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