At what point in time must an insured meet the coinsurance requirement in a property insurance policy in order to avoid having to pay a portion of the loss?
A) only at the time of loss
B) only at the time when the policy is issued
C) only at the time of policy application
D) both at the time when the policy is issued and at the time of loss
Answer: A
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The market rate of interest for a bond issue that sells for more than its par value is
a. less than the rate stated on the bond. b. equal to the rate stated on the bond. c. higher than the rate stated on the bond. d. independent of the rate stated on the bond.
The Byrne Company had its entire inventory destroyed when a fire swept through the company's warehouse on April 30, Year 2. Fortunately, the accounting records were locked in a fireproof safe and were not damaged. The following information for the period up to the date of the fire was taken from the accounting records: Sales$275,000Purchases190,000Beginning inventory22,500Required: Assuming that the gross margin has averaged 35%, what is the estimated value of the inventory destroyed in the fire?
What will be an ideal response?
George's case was handled under the "small tax case procedure." He does not agree with the findings of the Tax Court. He would like to appeal the decision. Which one of the following is true?
A. There is no appeal. B. He would appeal first to the U.S. Court of Federal Claims. C. He would appeal first to the U.S. Court of Appeals for the Federal Circuit. D. He can appeal the case, but only if the amount of tax involved is greater than $5,000.
Which sentence is expressed correctly?
A) By 2020, we hope to double our global presence. B) During the construction of our new home, we had to live in an apartment. C) On July 1, the new fiscal year will begin.