The pyro corporation has outstanding twenty thousand shares, Ask an Expert

Management Studies

The Pyro Corporation has outstanding twenty thousand shares of common stock, of which nineteen thousand are owned by Peter B. Arson; five hundred shares are owned by Elizabeth Arson, his wife; and five hundred shares are owned by Joseph Q. Arson, his brother. These three individuals are the officers and directors of the corporation. The Pyro Corporation obtained a $750,000 fire insurance policy to cover a certain building it owned.

Thereafter, Peter B. Arson set fire to the building, and it was totally destroyed. Can the corporation recover from the fire insurance company on the $750,000 fire insurance policy? Why?

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M92197264

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