Leo bought a used car for $4,500.While in class at George Brown, hiscar was damaged by an unidentifiedautomobile. The damage to thevehicle was estimated at $1,000. Ifthe cash value of Leo's car at the timeof the loss is $3,000, how muchmoney would Leo receive if he files aclaim for damages? Assume he hasan Ontario Automobile Insurancepolicy with a $500 deductible and allperils coverage.$3,000$2,500$1,000$500None of the above. He's notcovered.

concept. Deductible. Deductible is the amount which the insurance policy holder has to pay out of…

Answered: Leo bought a used car for $4,500. While…

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

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You damage your car in an accident that is covered by your collision insurance, which has a $200 deductible. If the damage to your car costs $1,200, the insurance company would pay ___.

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