Universal Insurance Company Does Business in a State Having No-Fault

question 57

Short Answer

Universal Insurance Company does business in a state having no-fault insurance. An insured carries all three classifications of insurance, with a $500 deductible for collision. The insured paid an annual premium of $2,790. The insured fell asleep at the wheel and had medical expenses for himself of $1,280 and auto repair expenses of $800. Compute the amount that Universal Insurance Company premium was over the amount the insurance company paid in benefits.

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Definitions:

Packaging Materials

Materials used to protect, store, and transport products, ranging from paper and cardboard to plastics and metals.

Cellular Respiration

The process by which cells convert sugars into energy in the form of ATP, consuming oxygen and releasing carbon dioxide.

Mitochondria

Mitochondria are organelles within cells that are responsible for producing adenosine triphosphate (ATP), the cell's main energy carrier, through the process of oxidative phosphorylation.

ATP

Adenosine triphosphate, a molecule that carries energy within cells for metabolism.