You Have an HO Policy with the Following Limits: a =

question 13

Multiple Choice

You have an HO policy with the following limits: A = $50,000 (dwelling)
B = $5,000 (other structures)
C = $25,000 (personal property) .
A tornado strikes your property. You lose your house, which is worth $40,000 at the time of the loss. You also lose an unattached shed worth $8,000, and personal property worth $30,000. You will collect:

• A) $78,000
• B) $70,000
• C) $58,000
• D) none of the above

---

Definitions:

Equitable Hourly Income

The concept of ensuring fair and just wages for hours worked, considering factors like skill level, job difficulty, and market rates.

Minimum Wage

The lowest legal wage that can be paid to most workers.

Compensating Differential

Additional wage or benefit that compensates workers for unpleasant, risky, or demanding work conditions.

Economic Income

The total value of all income earned, including both monetary and non-monetary gains, over a period of time.