Personal Auto (PAP) and Homeowners (HO) Insurance Project (2

Personal Auto (PAP) and Homeowners (HO) Insurance Project (20 points)The primary purpose of the project is to familiarize students with the PAP/HO coverage and procurement process. A secondary objective is to apply the PAP coverage to hypothetical situations provided by the instructor. You may do the project independently or with no more than three group members. If you currently have PAP and HO coverage or want to review your parents, those coverages would be acceptable for project completion. PAP1. Describe the insured auto. 2. Describe relevant characteristics of the primary driver. 3. Discuss the reasons why you have procured the PAP from the insurance company and agent used in this project. 4. Describe the PAP coverage selected, amounts of coverage, premium(s), and rational behind your choices.HO1. Describe the insured residence. 2. Discuss the reasons why you have procured the HO from the insurance company and agent used in this project. (If you bundled with the PAP and used the same insurer, skip this question)3. Describe the HO coverage selected, amounts of coverage, premium(s), and rational behind your choices.