Ask Question
14 July, 03:42

Joe has a Business Auto Coverage Form with a $100,000 policy limit. In a claim that results in an $80,000 court award along with $50,000 for expenses due to defending the claim, what is the total amount that will be paid under Joe's Business Auto Coverage Form?

+2
Answers (1)
  1. 14 July, 03:57
    0
    The amount of $130,000 coverage will be paid under the business auto coverage form of Joe

    Explanation:

    The amount which will be paid under the business auto coverage form of Joe is computed as:

    Amount = Claim amount which court awarded + Expenses incurred while defending

    where

    Claim amount which court awarded amounts to $80,000

    Expenses incurred while defending amounts to $50,000

    Putting the values above:

    Amount = $80,000 + $50,000

    Amount = $130,000

    The policy limit of Joe is $100,000, but in the claim the actual incurred amount is $130,000. Therefore, the coverage amount would be $130,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Joe has a Business Auto Coverage Form with a $100,000 policy limit. In a claim that results in an $80,000 court award along with $50,000 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers