Finance 341Class Assignment #5Find a partner for this exercise. Introduce yourselves, if you don’t already know your partner. The first person, alphabetically, is the claims adjuster. The other person is the claimant.Adjuster: ________________________Claimant: ________________________A tornado just hit town and wiped out the apartment, dorm, fraternity, sorority, or other building where the claimant lived. All your possessions and records are now strewn from Danville to Indianapolis. Sorry, but sometime things go really badly.On the brighter side, you have a Homeowners Form 4 (Tenants Policy) with the Windy City Insurance Company, and they have already sent out an adjuster to settle your claim. Your first job is to describe what you lost, from memory, with the help of the adjuster suggesting things you might have forgotten. The two of you are to work out the actual cash value (replacement cost less depreciation) of your covered property. The adjuster is trying to be fair in settling the claim. The claimant obviously wants to collect as much as possible, but you know if you make unreasonable claims, the company will take a much longer time to settle the claim, and you need the money now. Write out the items lost and the agreedupon value for each item (or category of items, i.e. books) on the back of this form. Be sure to include a total value for the claim.Property Loss FormItem or category Claimant’s Valuation Adjuster’s Valuation_______________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ __________________________________________ ___________________ ___________________Total value of claim ___________________ ___________________Explain the reasons for any differences between the claimant’s valuation and theadjuster’s
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