Which of the following statements regarding proofs of loss is CORRECT?
A) The insurer must file a proof of loss within 90 days of the date of loss.
B) The insured must file a proof of loss within 90 days of the receipt of claims forms.
C) The insured must file a proof of loss within 90 days of the date of loss.
D) The insurer must file a proof of loss within 90 days of the receipt of claim forms.
Answer: C) The insured must file a proof of loss within 90 days of the date of loss.
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Norton Company purchased 1,000 widgets and has 200 widgets in his ending inventory at a cost of $91 each and current replacement cost of $80 each. How many units did Norton Company sell?
A. 1,000 B. 200 C. 800 D. not enough information given
A rectified inspection plan requires that:
A) a rejected lot be returned to the supplier. B) a rejected lot be subjected to 100% inspection. C) a sample with too many defectives be returned to the lot for mixing and resampling. D) all units in the sample be returned to the lot if it is rejected.