Sunil entered the Hire-Purchase agreement with the financing company to repay the car loan amount (price + interest) in 10 EMIs. Sunil got the delivery of car on payment of two EMIs. The Finance company had the car insured. While the car was parked properly at the authorized parking lot, another car collided with it. There was additional loss of Rs. 20,000/- beyond insurance coverage. Who should bear the loss? Why?

Sunil entered the Hire-Purchase agreement with the financing company to repay the car loan amount (price + interest) in 10 EMIs. Sunil got the delivery of car on payment of two EMIs. The Finance company had the car insured. While the car was parked properly at the authorized parking lot, another car collided with it. There was additional loss of Rs. 20,000/- beyond insurance coverage. Who should bear the loss? Why?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 57P

See similar textbooks

Similar questions

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 ___.
Bill Converse of Rexburg, Idaho, recently had his truck slide off a gravel road and strike a tree. Bill's vehicle suffered $18,000 in damage. The truck has a book value of $38,000. Bill carried collision insurance with a $400 deductible. How much will Bill be reimbursed by his policy? Round your answer to the nearest dollar. $
Bill recently had his truck slide off a gravel road and strike a tree. Bill's vehicle suffered $17,500 in damage. The truck has a book value of $40,000. Bill carried collision insurance with a $500 deductible. How much will Bill be reimbursed by his policy?
A minor fraudulently represent to a money lender that he was the full age and obtain the loan of Rs. 5,000. Has the money lender any right of action against the minor for the money lend of for damages for fraudulent miss-representation?
Ricardo's car was damaged in an accident. The cost to repair the car will be $3,240. His deductible is $500. How much will Ricardo's insurance company pay?
The bills from the injuries to the person in the parked car were $50,507, the damage to the car was $15,203, and the damage to the store was $25,304. How much of the total will the insurance company cover for Ross?
Eva Stone's home in Chicago was recently gutted in a fire. Her living and dining rooms were destroyed completely, and the damaged personal property had a replacement price of $19,000. The average age of the damaged personal property was 8 years, and its useful life was estimated to be 18 years. What is the maximum amount the insurance company would pay Eva, assuming that it reimburses losses on an actual cash-value basis? Round the answer to the nearest cent.
please consider the following questions :Student A buy a traffic insurance and the ferasures are as following.if the driver knocks down someone else on purpose, no payment.there is a limit of max payment of $6,000.any fees happened under $800 should be covered by the investors.the investor also needs to pay 20% out of his own pocket. student A causes an accident and a loss of $12,000. How much can he claim from the insurance company?
James Koontz agreed to purchase a Plymouth Sundance from Chrysler Credit Corporation (Chrysler) in exchange for sixty payments of $185.92. Koontz soon thereafter defaulted, and Chrysler notified Koontz that, unless he made the payments, it would repossess the vehicle. Koontz responded by notifying Chrysler that he would make every effort to make up missed payments, that he did not want the car repossessed, and that Chrysler was not to enter his private property to repossess the vehicle. A few weeks later, Chrysler sent the M & M Agency to repossess the vehicle. When he heard the repossession in progress, Koontz, dressed only in his underwear, came outside and yelled, “Don’t take it!” The repossessor ignored him and took the car anyway. Koontz did not physically challenge or threaten the repossessor. a. Discuss the arguments that Chrysler legally repossessed the automobile. b. Discuss the arguments that Chrysler illegally repossessed the automobile. c. Who should prevail?
Hello. I am a sr citizen with a brain injury. I am having trouble figuring something out, if you could help, please. Rental deposit was $3900. Party J paid $2900, Party N paid $500, and Party S paid $100. Parties will receive a partial deposit refund due to: $1,528.95 in unpaid rent/late fees (Party J received Party N's portion and Party S's portion of $600 total) Shared expenses for cleaning, etc. to be split evenly by all three parties totalling $1,305. QUESTION: How much of the returned deposit of $1067.05 does each party receive? I really would appreciate assistance. I've been working on this for three days now :/ Shelly
You had a car accident and needed another car immediately because you rolled out any other forms of transportation. A car dealer offers you $3,000 for your damaged car "as is" also, your insurance company estimates that there is $3,000 in damage to your car. The insurance company car fix the car right away in a repair shop belonging to this company. Because you have collision insurance with 1,000 deductibility provision, the insurance company mails you a check with only $2,000. The odometer reading on your damaged car is 48,000 KM. What should you do? Use seven-step procedure to analyze your situation. Additional information : -You have $8,000 in savings. - you can buy a newer car for $10,000 with odometer reading of 28,000 КМ. - after repairing the damage car, it can be sold for $5,000 - a discount repair shop charges $1,700 and requires 1 month. - a car rental for one month is $400.
Jim Nike of Rifle, Colorado, recently had his truck slide off a gravel road and strike a tree. Jim's vehicle suffered $16,000 in damage. The truck has a book value of $25,000. Jim carried collision insurance with a $1,000 deductible. Bill will be reimbursed