Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

roperty damage liability, $10,000 for medical payments, and a $500 deductible for collision nsurance. How much will his insurance cover in each of the following

image text in transcribed
roperty damage liability, $10,000 for medical payments, and a $500 deductible for collision nsurance. How much will his insurance cover in each of the following situations? Will he have any out-of-pocket costs? Round the answers to the whole dollar, if necessary. Leave no cells blank, be sure to enter " 0 " wherever required. a. Finn loses control and skids on ice, running into a parked car and causing $4,930 damage to the unoccupied vehicle and $2,500 damage to his own car. Total paid by the insurance company: Finn's out-of-pocket costs: b. Finn runs a stop sign and causes a serious auto accident, badly injuring two people. The injured parties win lawsuits against him for $30,000 each. Total paid by the insurance company: Finn's out-of-pocket costs (for both victims): c. Finn's 18 -year-old son borrows his car. He backs into a telephone pole and causes $1,500 damage to the car. Total paid by the insurance company: Finn's out-of-pocket costs

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Geography Of Finance

Authors: Gordon L. Clark, Darius Wójcik

1st Edition

0199213364, 978-0199213368

More Books

Students also viewed these Finance questions