Perils for Coverage A-Dwelling and Coverage

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QUESTION
Answer the questions
1. (60 points) Define the gross estate. What is required to be included in the gross estate? How do you determine the value of the property includible in the gross estate?
Rubric: 60 points in total for this question. 20 points for the definition. 20 points for the list of required property to be included in the gross estate. 20 points for the determination of the value of the property includible in the gross estete.
2. (65 points) Summarize the different kinds of trusts. Specifically, what are the three types of M/D trust, and how do they work? What’s the “B” trust and how does it work?
Rubric: 65 points in total for this question. 20 points for summarizing the different kinds of trust. 20 points for summarizing the three types of M/D trust. 20 points for analyzing the B” trust, including the purpose, taxation, the impact of surviving spouse, and why is it called bypass trust.
3. Mark was driving through a local park when he became distracted and struck a parked vehicle. Mark’s vehicle sustained $4,200 in damage. The parked vehicle, owned by Nathan, sustained $5,000 in damage and was pushed into another parked vehicle, resulting in $2,100 in damage to that vehicle. Two occupants of the first parked vehicle were seriously injured. One of these occupants, Nathan, incurred $24,000 in medical expenses. The other occupant, Denise, incurred $6, 700 in medical expenses. Mark was held responsible for the accident. The state where Mark lives does not have a no-fault insurance law.
Mark has a Personal Auto Policy (PAP) with these coverages and limits:
Part A-Liability Coverage: $100,000 per person/$300,000 per accident
Property Damage: $25,000.
Part B-Medical Payments: $5,000 per person
Part D-Damage to Your Auto: $500 deductible –OTC
$1 ,000 deductible – Collision
a. How would Mark’s policy respond for the injuries and damage to Nathan’s vehicle?
Rubric: 16 points total. 4 points for the total amount of insurance payment by Mark’s policy. 2 points for source (Coverage A or B, which type of loss) of payment to Nathan and 2 point for how much this payment is. 2 points for source (Coverage A or B, which type of loss) of payment to Denise and 2 point for how much this payment is. 2 points for source (Coverage A or B, which type of loss) of payment to Nathan’s car and 2 point for how much this payment is.
b. How would Mark’s policy respond for the damages to the second parked vehicle?
Rubric: 16 points total. 8 points for the amount paid. 8 points for the source of the payment (Coverage A or B, which type of loss)
c. How would Mark’s policy respond for the damage to his vehicle in this accident?
Rubric: 18 points total. 9 points for the amount paid. 9 points for the source of the payment (Coverage A or B, which type of loss)
4. Explain why insured perils for Coverage A-Dwelling and Coverage B-Other Structures are grouped together in the HO-3.
 

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