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Insurance Junk Essay

1947 words - 8 pages

Our client is a property and casualty insurance agent. He is a 51 year old male and his wife is forty-eight years old. His wife is a retired high school math teacher. They have two children ages twenty-two and seventeen. The twenty-two year old is currently enrolled in college at the University of Mississippi and the seventeen year old is currently enrolled at Tupelo High School. The client lives in Tupelo, Mississippi. He was born and raised in Nettleton, Mississippi and moved to Tupelo after he got his degree and started working as a producer for an independent insurance agency named IFM (Insurance and Financial Managers), he then became an exclusive agent for ALFA. Subsequently he ...view middle of the document...

Also the twenty-two year old driver has the vehicle away at school with him which is an increased exposure. The insured’s vehicles are not kept in a locked garage so they face an increased exposure to vandalism and theft. The home is located in Guntown Mississippi. His home was built in 2005. The year of construction is a key component to analyzing risks and the exposures a home faces. Given that the home is a newly constructed home it decreases the chances of outdated products or procedures being used on the home. Moreover, with the home being built within the last 15 years the insured’s roof should be in good condition. The condition of the roof is a major factor because it helps prevent major losses from weather exposures. There are two fireplaces located on the insured’s premises. One fireplace is inside the home, although it is not the primary source of heat and the other fireplace is in the outdoor kitchen. Chimney’s can clog and cause smoke to back up inside the home. They should be cleared frequently by a professional chimney sweep. The insured also has a dog. Dogs are an exposure because they could bite neighbors or people visiting the home. Our insured would be liable for any medical payments or property damage caused by his pet. The insured has a swimming pool at his home which increases the exposures that the home faces. The pool is attractive to children and can cause soaring liability claims. The pool does have a diving board that must meet certain regulations with each company a policy is quoted with. Our insured does have a fence partially around his pool that lowers the chances of unwanted guests e ntering his pool area. With the pool, the insured also faces an increased water backup loss if something were to happen with the pump on the pool. The insured also has a boat that he keeps in a shop on the premises. The insured’s boat faces a lot of the same exposures that a car would. They are liable for any damages they cause while operating the boat whether it be to another boat or a pier. The insured also faces increased exposures while transporting the boat and while their youthful drivers are operating the boat. A RV is also kept on the insured premises in an open garage. The insured faces a liability exposure while traveling in this home and hooking up in RV parks. Vanishing away in the RV would also raise questions on how the vehicles were stored while the family was out of town. Having an RV increases the time the home is vacant resulting in preeminent possibilities of vandalism and theft. The insured also has a small amount of land that he carries a farm policy for. Seeing as how the insured isn’t at the farm as often as his home, making sure his property is properly maintained and that all equipment is not out in the open. These are just some of the major liability and property exposures the insured faces.
Looking at our insured’s homeowners policy, he has replacement cost on his property and contents. ...

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