Michael owns a small plane that he flies on weekends. His insurance agent informs him that aircraft are excluded as personal property under his homeowners policy. As an insured, he feels that his...

Michael owns a small plane that he flies on weekends. His insurance agent informs him that aircraft are excluded as personal property under his homeowners policy. As an insured, he feels that his plane should be covered just like any other personal property he owns.

a. Explain to Michael the rationale for excluding certain types of property, such as aircraft, under the homeowners policy.

b. Explain some additional reasons why exclusions are present in insurance contracts.