The Pyro Corporation has outstanding twenty thousand shares of common stock, of which nineteen thousand are owned

Question:

The Pyro has outstanding twenty thousand shares of common stock, of which nineteen thousand are owned by Peter B. Arson, five hundred shares are owned by Elizabeth Arson, his wife, and five hundred shares are owned by Joseph Q. Arson, his brother. These three individuals are the officers and directors of the The Pyro obtained a $750,000 fire insurance policy to cover a certain building it owned. Thereafter, Peter B. Arson set fire to the building, and it was totally destroyed. Can the recover from the fire insurance company on the $750,000 fire insurance policy? Why?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...