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a. What will the insurance company pay for this accident? Amount paid b. What is Marika's responsibility? Amount paid

a. What will the insurance company pay for this accident? Amount paid b. What is Marika's responsibility? Amount paid

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Marika Katz bought a new Blazer and insured it with only compulsory insurance 10/20/5. Driving up to her summer home one evening, Marika hit a parked car and injured the couple inside. Marika's car had damage of $7,500, and the car she struck had damage of $5,800. After a lengthy court suit, the couple struck were awarded personal injury judgments of $18,000 and $9,000, respectively. a. What will the insurance company pay for this accident? Amount paid b. What is Marika's responsibility? Amount paid
Transcribed Image Text:Marika Katz bought a new Blazer and insured it with only compulsory insurance 10/20/5. Driving up to her summer home one evening, Marika hit a parked car and injured the couple inside. Marika's car had damage of $7,500, and the car she struck had damage of $5,800. After a lengthy court suit, the couple struck were awarded personal injury judgments of $18,000 and $9,000, respectively. a. What will the insurance company pay for this accident? Amount paid b. What is Marika's responsibility? Amount paid
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