The insured sets a fire to his home and is found to be guilty of arson. There is a lien on the burned property by a mortgage company in the amount of $150,000. The property is insured for $300,000 and is a total loss. The personal property of the insured, covered separately by a Homeowners policy for $150,000, is also a total loss. How will this claim most likely be paid?
a. The insured is paid a total of $300,000.
b. The mortgagee is paid $150,000.
c. The insured is paid $150,000 for the personal property loss.
d. Since the loss is from an intentional act of the insured the entire loss is denied.
Ans: b. The mortgagee is paid $150,000.
Business
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gatekeeper influencer decider buyer
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Which retail institution illustrates vertical integration?
a. off-price chain b. factory outlet c. membership club d. department store
Business