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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 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

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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  • 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.

 

  1. the total amount your liability insurance will pay for the accident
  2. the total amount your collision insurance will pay for the accident
  3. the amount of additional damages you are responsible for as a result of the accident
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