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Continuing Case 48. Property Insurance Newlyweds Jamie Lee and Ross have had several
milestones in the past year. They are newly married, recently purchased their first home, and now
have twins on the way! Jamie Lee and Ross have to seriously consider their insurance needs.
With a family, a home, and now babies on the way, they are working on developing a risk
management plan to help them should an unexpected event arise. Jamie Lee and Ross created a
Household Inventory (see Addendum C), excluding the $2,000 diamond wedding band set. They
have elected not to get any further liability or other specialized coverage at this time. Currently,
their home has increased in value by $12,000 since they purchased it five years ago. If something
unfortunate should happen, they want to ensure that they are able to rebuild their home using the
most current costs. Use this information to complete the table below and determine the total
amount of property insurance coverage they will need. Each answer must have a value for the
assignment to be complete. Enter "0" for any unused categories.Estimated value of appliances,
furniture, clothing, and other household items (conduct an inventory) Type of coverage for
personal property Additional coverage for items with limits on standard personal coverage such as
jewelry, firearms, silverware, and photographic, electronic, and computer equipment Diamond
wedding band setSurprise! Jamie Lee and Ross were stunned to find that their family of two has
grown to a family of five! They were expecting twins, but when the babies were born, they
discovered that they were actually the parents of triplets! Ross immediately had worries of being
able to provide for the growing family: diapers, formula, college expenses times three! What if
something happened to him or Jamie Lee? How would the surviving parent be able to provide for
such a large family? Jamie Lee and Ross decided to purchase life insurance for Ross because his
is the higher income at this time and because it would be more devastating if his income was lost
due to his death. They have allowed $8,000.00 for funeral costs. Calculate their living expenses
for 6 months to include all monthly expenses, excluding credit card debt and entertainment. Note
that Ross's mother lives close and will be providing childcare to their triplets once Jamie Lee goes
back to work at the bakery for half days. His mom will have a hired nanny to assist, which will cost
them $1,200 a month. Use the table below to determine the amount Jamie Lee and Ross should
use when shopping for life insurance. Each answer must have a value for the assignment to be
complete. Enter "0" for any unused categories.Use the "family need" method to complete 1. Yearly
income x5 [1] 2. Total approximate expenses above and beyond your daily living costs for you and
your dependents (e.g. tutition, care [2] for disabled child or parent) 3. Emergency fund needed (6
months of living expenses) [3] 4. Expected funeral expenses [4] 5. Total estimate of family's
financial needs (sum of lines 1- [5] 4) 6. Total liquid assets (e.g. savings account, CDs, money
market funds, other life insurance, pension plan death [6] benefits, and Social Security benefits) 7.
Life insurance needs (total estimate of needs minus liquid assets) [7]Home Inventory with
Estimated Replacement Values - Calculate the total replacement cost for household. Total value:

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Continuing Case 48 Property Insurance Newlyweds Jamie Lee a.pdf

  • 1. Continuing Case 48. Property Insurance Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newly married, recently purchased their first home, and now have twins on the way! Jamie Lee and Ross have to seriously consider their insurance needs. With a family, a home, and now babies on the way, they are working on developing a risk management plan to help them should an unexpected event arise. Jamie Lee and Ross created a Household Inventory (see Addendum C), excluding the $2,000 diamond wedding band set. They have elected not to get any further liability or other specialized coverage at this time. Currently, their home has increased in value by $12,000 since they purchased it five years ago. If something unfortunate should happen, they want to ensure that they are able to rebuild their home using the most current costs. Use this information to complete the table below and determine the total amount of property insurance coverage they will need. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.Estimated value of appliances, furniture, clothing, and other household items (conduct an inventory) Type of coverage for personal property Additional coverage for items with limits on standard personal coverage such as jewelry, firearms, silverware, and photographic, electronic, and computer equipment Diamond wedding band setSurprise! Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five! They were expecting twins, but when the babies were born, they discovered that they were actually the parents of triplets! Ross immediately had worries of being able to provide for the growing family: diapers, formula, college expenses times three! What if something happened to him or Jamie Lee? How would the surviving parent be able to provide for such a large family? Jamie Lee and Ross decided to purchase life insurance for Ross because his is the higher income at this time and because it would be more devastating if his income was lost due to his death. They have allowed $8,000.00 for funeral costs. Calculate their living expenses for 6 months to include all monthly expenses, excluding credit card debt and entertainment. Note that Ross's mother lives close and will be providing childcare to their triplets once Jamie Lee goes back to work at the bakery for half days. His mom will have a hired nanny to assist, which will cost them $1,200 a month. Use the table below to determine the amount Jamie Lee and Ross should use when shopping for life insurance. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.Use the "family need" method to complete 1. Yearly income x5 [1] 2. Total approximate expenses above and beyond your daily living costs for you and your dependents (e.g. tutition, care [2] for disabled child or parent) 3. Emergency fund needed (6 months of living expenses) [3] 4. Expected funeral expenses [4] 5. Total estimate of family's financial needs (sum of lines 1- [5] 4) 6. Total liquid assets (e.g. savings account, CDs, money market funds, other life insurance, pension plan death [6] benefits, and Social Security benefits) 7. Life insurance needs (total estimate of needs minus liquid assets) [7]Home Inventory with Estimated Replacement Values - Calculate the total replacement cost for household. Total value: