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Problem: ABC Corp. is insured under CGL with the following limits: General Aggregate Products/ Completed Operations Aggregate Personal and Advertising Injury Limit Each Occurrence Limit Fire Damage Limit Medical Expense Limit What dollar amount when any will be paid if the following losses take place? When a loss is not covered or is not fully covered describe why. What is aggregate balance left if all claims take place in the same policy period?

$2,000,000

$2,000,000

$1,000,000

$1,000,000

$50,000

$5,000

a. A defective appliance built by ABC causes injury to Joe who purchased the appliance. The court awards Joe $800,000.

b. One of ABC's drivers has an accident while making delivery in ABC truck. The other driver has a loss of $10,000 for property harm and $100,000 for bodily grievance.

c. ABC is blamed for a fire in the building they rent. The total damage is $25,000.

d. A forklift truck turned over in warehouse injuring a customer. His liability claim was $50,000.

e. An ABC employee was also injured in forklift accident and had medical bills of $1,500.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M93891

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