Bob loans his car to Norm, and Norm wrecks the car. Both Bob and Norm have PAP's on their owned vehicles, and both men have purchased all four major coverages (A, B, C and D) on their automobiles
Whose policy will pay for this loss on a PRIMARY basis?
A) Bob's
B) Norm's
C) They'll both be primary and will share the loss equally.
D) Neither policy will pay on a primary basis because the loss is not covered.
A
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The CPA examination is administered by the General Accounting Office of the U. S. Government
Indicate whether the statement is true or false.
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Which of the following accounts has a normal credit balance?
a. Dividends b. Automotive Equipment c. Advertising Fees Earned d. Interest Expense
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