Leo bought a used car for $4,500. While in class at George Brown, his car was damaged by an unidentified automobile. The damage to the vehicle was estimated at $1,000. If the cash value of Leo's car at the time of the loss is $3,000, how much money would Leo receive if he files a claim for damages? Assume he has an Ontario Automobile Insurance policy with a $500 deductible and all perils coverage. $3,000 $2,500 $1,000 $500 None of the above. He's not covered.
Leo bought a used car for $4,500. While in class at George Brown, his car was damaged by an unidentified automobile. The damage to the vehicle was estimated at $1,000. If the cash value of Leo's car at the time of the loss is $3,000, how much money would Leo receive if he files a claim for damages? Assume he has an Ontario Automobile Insurance policy with a $500 deductible and all perils coverage. $3,000 $2,500 $1,000 $500 None of the above. He's not covered.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
![Leo bought a used car for $4,500.
While in class at George Brown, his
car was damaged by an unidentified
automobile. The damage to the
vehicle was estimated at $1,000. If
the cash value of Leo's car at the time
of the loss is $3,000, how much
money would Leo receive if he files a
claim for damages? Assume he has
an Ontario Automobile Insurance
policy with a $500 deductible and all
perils coverage.
$3,000
$2,500
$1,000
$500
None of the above. He's not
covered.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F33a60394-0af0-49b8-9b7d-984c28c907b2%2Fc45b5c8b-abd2-4f33-80cf-556e9015e13f%2Fy5lafn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Leo bought a used car for $4,500.
While in class at George Brown, his
car was damaged by an unidentified
automobile. The damage to the
vehicle was estimated at $1,000. If
the cash value of Leo's car at the time
of the loss is $3,000, how much
money would Leo receive if he files a
claim for damages? Assume he has
an Ontario Automobile Insurance
policy with a $500 deductible and all
perils coverage.
$3,000
$2,500
$1,000
$500
None of the above. He's not
covered.
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