Which of the following statements about Coverage E: Personal Liability under the homeowners 3 policy is true?
A) Losses attributable to personal injury are covered.
B) The liability limit stated in the policy is an aggregate limit for the policy period.
C) The insured must be legally liable for insurer to pay damages.
D) Bodily injury liability only applies to injuries that occur at the insured dwelling.
Answer: C
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Indicate whether the statement is true or false
Hicksville's Department Store uses a perpetual inventory system. At year-end, the balance in the Inventory control account is $1,200,000. Assuming that the inventory records have been maintained properly, a year-end physical inventory:
A. Is unnecessary. B. Is needed to establish the ending inventory, as the $1,200,000 balance in the Inventory control account represents the beginning inventory. C. Probably will indicate more than $1,200,000 in merchandise on hand. D. Probably will indicate less than $1,200,000 in merchandise on hand.