An Excel spreadsheet is being used to track insurance payments for homeowners insurance with a coinsurance clause. The following are the column headings: A is Replacement Value of the Building, B is Face Value of the Policy, C is Coinsurance Clause Percent, D is Amount of Insurance Required, E is Amount of Loss, F is Percent of Loss Insurance Will Pay, and G is Amount of Loss Insurance Will Pay. What is the formula to determine the percent of loss insurance will pay in Row 15?
Q. 2In Column J of a spreadsheet, an insurance agent wants to sum the amounts his company owes for medical expenses for two parties and for property damage. These amounts are in Columns G, H, and I. Explain two ways to sum these cells using Row 12.
Q. 3Leonard uses Excel to track life insurance coverage and cost for his clients. Column B contains the amount of coverage, and Column C contains the cost per thousand. What is the formula that he should key in Cell D9 to calculate the annual premium and in Cell E9 for the monthly premium?
Q. 4Reliable Car Rental purchases an 80 property coinsurance policy on their building, valued at 330,000. The company insures the business for 80 of the value. If there is a fire at Reliable which causes 300,000 worth of damage, how much will the insurance pay and how much will Reliable pay?
Q. 5Alicia drives a company-owned car. Her company carries 25/50/25 automobile liability coverage. Alicia has an accident, which is her fault, during the business day. In the accident, Grant Thomas has 12,500 in injuries, Malcolm James has 27,000 in injuries, and Sarah White has 10,000 in injuries. The damage to Grant's automobile is 17,000. Determine the amount that the insurance company will pay for each person's injuries and for the damage to Grant's vehicle.
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