Michelle had four matching end tables in her home. A fire damaged the home, destroying two of the end tables. Michelle's home was covered by an unendorsed Homeowners 3 policy
Which of the following is true with regard to the settlement for the end tables in this case?
A) Loss to a pair or set is excluded under the policy.
B) The insurer will pay the difference in actual cash value of the property before and after the loss.
C) The insurer will pay the replacement cost of the loss.
D) If a partial loss to a pair or set occurs, the insurer is liable for replacement of the entire pair or set.
Answer: B
You might also like to view...
The standards courts use to determine violations of the Sherman Act are the per se standard and the ________ standard.
Fill in the blank(s) with the appropriate word(s).
Which of the following terms best describes "Cost of goods available for sale"?
a. Cost of goods available for sale is an expense account. b. Cost of goods available for sale is added to beginning inventory to determine cost of purchases during the period. c. Cost of goods available for sale is subtracted from net sales to arrive at the gross margin d. Cost of goods available for sale is allocated into cost of goods on hand and cost of goods sold at the end of the fiscal year
Which of the following is true about rareness and advanced factors of production?
A. Process knowledge, organizational architecture, and intellectual property are more difficult to imitate which results in a better chance in achieving long-term, sustainable competitive advantage. B. Intellectual property is the only advanced factor of production that is unique enough to capture long-term, sustainable competitive advantage. C. Since most process knowledge and organizational architecture is purchased from outside providers, it can be copied by other firms and does not lead to the rarity necessary to result in long-term, sustainable competitive advantage. D. Advanced factors of production are not able to capture the uniqueness that basic factors of production can achieve and therefore do not factor into the pursuit of long-term, sustainable competitive advantage. E. Advanced factors of production are less likely to be rare and are in general easier for rivals to imitate resulting in the inability for firms to achieve long-term, sustainable competitive advantage.
A major advantage of the use of social versus commercial cues to consumers is based upon _____
a. the use of lifestyle demographic factors b. degree of cognitive dissonance c. believability d. post-purchase behavior