You, as a newly appointed insurance agent, are approached by the stakeholders in a small hotel located on the outskirts of a major city. After the meeting with stakeholders, you review your notes about the history of the hotel:
- The hotel is currently insured for $200,000 under a commercial property insurance policy.
- The policy has an 80% coinsurance clause.
- The hotel had a fire in a storage area (about one year ago) and incurred a $50,000 loss.
- The replacement cost of the hotel at the time of the fire was approximately $500,000.
(This is a rough estimate offered by the stakeholders.)
- The hotel remains in business and enjoys a decent monthly profit.
Your meeting notes also contain stakeholder questions requiring your attention:
Question 1. What is the insurer?s liability for the loss? (Show your work.)
Question 2. Hypothetically, if the hotel carried a $500,000 property insurance policy while incurring the loss, how much would the hotel collect? (Show your work.)
Question 3. The hotel?s stakeholders want to offer life insurance to hotel workers. How would you present the choices and natures of such policies to the workers? How would you help workers determine the correct amount of insurance on a family-by-family basis? (Do not forget to include the contractual provisions: (a). suicide clause; (b) grace period; and (c) reinstatement clause.)
Question 4. The stakeholders are interested in purchasing their own life insurance policies using a capital retention approach. How would you advise them?
Address the above questions using a 6 page paper in APA format. Below is a recommended outline.
a. A thesis statement
b. Purpose of paper
c. Overview of paper
3. Conclusion ? Summary of main points
a. Lessons Learned and Recommendations
Rejda, G. E. (2011). Principles of risk management and insurance (11th ed.). Boston: Pearson.
Insurance a tool against Risks
Firms are faced with business risks irrespective of which industry does the firm operate
in. Business risks are always bound to occur...
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