What is the difference between Collision and Other than Collision coverages? Why does the PAP list certain perils in Other than Collision when they can be caused by collision? What happens if the cause of loss is not listed?
What will be an ideal response?
Collision is hitting an object or the overturn of the vehicle. Other than Collision consists of the ten items listed, plus any other loss not excluded by the contract. The ten items are listed to artificially separate losses that can be construed as either category for rating and clarity purposes (except glass breakage). Other than Collision is an open perils coverage, which means if a cause of loss is not excluded it is covered.
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a. insolvency factors b. reorganization factors c. liquidity risk d. insolvency risk e. cash flow risk
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White Hat Digital, Inc starts the year with a credit balance of $3,500 in its Estimated Warranty Payable account
During the year, there were $224,000 in sales and $4,800 in warranty repair payments. White Hat Digital estimates warranty expense at 2% of sales. At the end of the year, what is the balance in the Estimated Warranty Payable account? A) $4,480 debit B) $4,800 credit C) $3,500 debit D) $3,180 credit
Scenario 7.2 Use the following to answer the questions. Precision Brake Company is a supplier of brake components to the manufacturers of lawn tractors and 4-wheel ATVs. It also sells its products to independent repair centers, dealers, and other wholesalers in Northeast and Southern states. Precision Brake has done research on the demand for lawn tractors and found that most manufacturers are in the states of Kentucky, Tennessee, and Alabama. Research also shows that most of the dealers who sell directly to individual consumers are in the Midwestern states, while dealers who sell to small business landscaping companies tend to be located in the Northeastern states. Company executives are considering expansion of its distribution to markets in the Midwest. Refer to Scenario 7.2. When
Precision Brake's sales team calls on tractor manufacturing companies, the meetings typically include the engineers who design the tractors. In this situation, the engineers would most likely be considered to be ____, part of the buying center. A. gatekeepers B. influencers C. users D. buyers E. controllers