CORRECT OR INCORRECT ABC a manufacturer of appliances, approved to insure a customer for any loss or damage that the customer may incur from the use of a purchased appliance which is covered under PFRS 17
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CORRECT OR INCORRECT
ABC a manufacturer of appliances, approved to insure a customer for any loss or damage that the customer may incur from the use of a purchased appliance which is covered under PFRS 17
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- ABC a manufacturer of appliances, approved to insure a customer for any loss or damage that the customer may incur from the use of a purchased appliance which is covered under PFRS 17. Is this true or not? Can you please explain to me why?1. S1: Maker Co, a manufacture and dealer of household appliances, agrees to indemnify a customer of any loss or damage that the customer may sustain from the use of purchase appliance. The contract to indemnify the customer in case of loss event is accounted for under PFRS 15. S2: Under insurance contract, the party that has a right to compensation if the insured event occurs is referred to as the policyholder. Only S1 is correct. Both statements are correct Only S2 is correct. Both statements are incorrect. 2. It is the change in the relation of the partners caused by any partner being disassociated from the business. Dissolution Formation Liquidation Operations 3. If the promise to grant a license is distinct and that the license provides the customer the “right to access” the entity’s intellectual property, how is revenue recognized from the initial fee in the contract? in full when the initial services to setup the contract are substantially performed deferred and…The Equipment Breakdown Protection Coverage Form insuring agreement under which the insurer agrees to pay reasonable costs the insured incurs in stamping merchandise with the word "Salvage" is Spoilage Damage. Expediting Expenses. Brands and Labels. Ordinance and Law.
- Ch. 16 _______ specifies an action that the company agrees to take or a condition the company must abide by. Group of answer choices milking the property marketable claims negative covenant positive covenantRoundhouse Tools has several potential warranty claims as a result of damaged tool kits. Review each situation and (1) determine the treatment for each situation as probable and estimable, probable and inestimable, reasonably possible, or remote; (2) determine what, if any, recognition or note disclosure is required; and (3) prepare any journal entries required to recognize a contingent liability. A. Roundhouse Tools has several claims for replacement of another tool kit not listed as one of their damaged tool kits. The honored warranty for these tool kits is not likely but is not remote. It is possible. B. A pending warranty claim has been received with the projected cost to be $450. Roundhouse Tools believes honoring that warranty claim is likely to occur and that figure is reasonably estimated. C. Roundhouse Tools believes other potential warranties may have to be honored outside of the warranty period, but this is unlikely to occur. D. Warranty replacements will cost the company a percentage of sales for the period. This amount allotted for warranty replacements cannot be reasonably estimated but is likely to occur.Which one of the following statements is correct with respect to the Building and Personal Property Coverage Form's (BPP) coverage for personal property of others? The BPP specifically excludes coverage for businesses (bailees) that have customers' property in their custody, such as laundries, dry cleaners, appliance repair shops, and furniture upholstery shops. Coverage protects the insured while the property is in or on the building described in the declarations or within 100 feet of either the building or structure, whichever is greater. The BPP covers personal property of others while it is located anywhere in the world. Coverage for personal property of others applies only if the insured is legally responsible for the damage.
- In California, by statute, the seller(s) of residential real property must make each of the following disclosures to the buyers(s), in writing, except a. Natural Hazard Disclosure statement. b. Lead-Based Paint Disclosure statement. c. Assessment District Disclosure statement. d. Criminal Rehabilitation Facility Disclosure statement.Section II ( personal liability) Coverage under a homeowner's policy provides coverage for Intentional actions of the insured claims arising out Professional Services rendered by the insured actions of the insured’s dog Claims against the insured for injuries arising from an aircraft-related accidentOne purpose of casualty policy’s condition section is to list the property that is to be covered list the perils that are to be insured against provide for extension of coverage specify the insured responsibilities in the event of loss
- 1. Homeowners 3 (Special Form) is an all-risks policy that insures the dwelling and other structures against risk of direct physical loss to property. True FalseThe PRIMARY function of an umbrella liability insurance policy is to provide coverage for • A. personal property damage caused by inclement weather. B. legal claims that exceed the policyholder's primary liability insurance limits. C. multiple dwellings and vehicles under a single insurance policy. D. vehicles that are either rented or borrowed by the policyholder.F2. Which of the following statements regarding comprehensive personal liability (CPL) coverage are CORRECT? Select all that apply Generally, intentional injury is excluded. Liability due to slander or libel is included. Liability arising from the use of an automobile is included. They exclude most liabilities due to the operation of watercraft.
