Andres recently borrowed his friend Mike's car. While Andres was driving, he hit another car and caused damage. Whose insurance would pay for the damage?
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Andres recently borrowed his friend Mike's car. While Andres was driving, he hit another car and caused damage. Whose insurance would pay for the damage?
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- François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and…Nadine visits Urban Air, a trampoline park. Before Nadine can enter the trampoline park, Urban Air requires her to sign a release stating that Urban Air will not be held responsible for any injury of any kind that Nadine incurs while on Urban Air property, no matter what the cause of the injury is. While Nadine is jumping on a trampoline, her boyfriend Trevor joins her. Trevor’s ex-girlfriend Valarie, who is an Urban Air employee, becomes enraged and pushes Nadine off the trampoline. Nadine breaks an arm in the incident. Who can Nadine sue for her injuries? a) Urban Air only b) Nadine cannot sue anyone because she signed a release of liability form. c) Valarie and Urban Air Select correct answerTrent is broke and needs cash immediately to pay off a debt he incurred. He visits the local pawn shop and leaves his grandfather’s watch in exchange for $100.00 cash. This is an example of what type of loan? Multiple Choice Unsecured loan Chattle loan UCC loan Secured loan The Environmental Defense Fund, an environmental watchdog group, files a lawsuit to prevent future open-pit coal mining in West Virginia. This type of lawsuit is known as a Multiple Choice wrongful-damage suit. negligence suit. citizen suit. nuisance suit. All of the following may be used as collateral for a secured transaction except Multiple Choice Future profits of a business A promissory note A patent Seeds and crops
- Eleanor is the owner of a 15-year-old home, and is looking to buy a homeowner’s insurance policy. She feels it would be overly cautious to purchase protection from all perils, but in addition to protection from fire, vandalism, windstorms, and so on, she also wants insurance for damage caused by malfunctioning of internal structures like air conditioning or plumbing. Based on the peril coverage it offers, she purchases an _________ insurance policy. Her home has a replacement value of $250,000, therefore she insures her home for the minimum legal requirement of __________________. Assuming she does not purchase any additional coverage beyond the legal minimums, complete the following table indicating the maximum dollar value of reimbursement she can receive for each of the following: Damage to personal property: $ _____________________ Detached buildings: $_____________________ Loss of Use (Additional living expenses): $____________________ Property…Mike purchased a Personal Auto Policy that included Part D (coverage for damage to your auto). He lost control of his car on an icy road, slid off the road and hit a tree. Ignoring any deductible, what will the insurer pay for the damage to Mike's car? O the lesser of actual cash value or the cost to repair or replace the vehicle O the original purchase price of the vehicle O the replacement cost of the vehicle the greater of actual cash value or the cost to repair or replace the vehicle O nothing5 Edmond is a life insurance agent who sold a whole life policy to his client Emile a few years ago. Emile becomes mentally incapable after an accident and her brother, Jake, meets Edmond to surrender Emile's policy. Jake informs Edmond that he is Emile's enduring power of attorney. What must Edmond do first before proceeding with Jake's request to surrender the policy? aUNKOXFJWSt60EQ0YzljeUkyUVoxdz09 → a. O Edmond should transfer the ownership of the insurance policy to Jake before accepting his request to surrender the policy. b. O Edmond should obtain a certified true copy of the power of attorney from a notary public and have it reviewed by the insurance company. c. O Edmond should require Jake to sign the surrender application on behalf of Emile before submitting the application to the insurer. d. O Edmond should obtain Jake's personal identification documents and attach them with the surrender application for the insurance company's reference.
- François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and…Sharp Accounting rents a floor in an office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form Provides a lower premium rate than direct property insurance on the covered real property. Contains a coinsurance condition that applies to property in Sharp's custody. Contains a deductible that applies to damage caused by Sharp. Provides coverage for property of others in Sharp's custody regardless of fault.You and the driver of the other car were the only people involved in the accident. You were not injured. You have a 50/100/50 liability insurance policy with no deductible. You have collision insurance with a deductible of $1,000. The other driver's bodily injury claim is $60,000 for medical expenses related to a broken leg. The other car was valued at $25,000 and requires $7,000 in repairs. Your car was valued at $13,000 and requires $15,000 in repairs. The accident damaged a city light pole that will cost $1,800 to replace. the total amount your liability insurance will pay for the accident the total amount your collision insurance will pay for the accident the amount of additional damages you are responsible for as a result of the accident
- You are responsible for an automobile accident. Use the information below to determine: the total amount your liability insurance will pay for the accident the total amount your collision insurance will pay for the accident the amount of additional damages you are esponsible for as a result of the accident You and the driver of the other car were the only people involved in the accident. There were no injuries from the accident. You have a 50/100/50 liability insurance policy with no deductible You have collision insurance with a deductible of $500 The other car was valued at $25,000 and requires $10,000 in repairs Your car was valued at $20,000 and requires $15,000 in repairsRusty Reft, who lives in Territory 5, carries 10/20/5 compulsory liability insurance along with optional collision that has a $300 deductible. Rusty was at fault in an accident that caused $3,400 damage to the other auto and $1,100 damage to his own. Also, the courts awarded $14,800 and $7,200, respectively, to the two passengers in the other car for personal injuries. a. How much will the insurance company pay? Amount paid b. What is Rusty's share of the responsibility? Amount paidLangstraat, age seventeen, owned a motorcycle that he insured against liability with Midwest Mutual Insurance Company. He signed a notice of rejection attached to the policy indicating that he did not desire to purchase uninsured motorists’ coverage from the insurance company. Later he was involved in an accident with another motorcycle owned and operated by a party who was uninsured. Langstraat now seeks to recover from the insurance company, asserting that his rejection was not a valid rejection because he is a minor. Can Langstraat recover from Midwest? Explain.
