Marco and Sophie are legally married and currently on separation. They both, unknowingly, insured the family property
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Question:
Marco and Sophie are legally married and currently on separation. They both, unknowingly, insured the family property for P400 000.00 and P600 000.00 respectively. Both policies are still live and a covered loss of P180 000.00 has occurred.
Required
Determine how their insurance policies will contribute to the loss using
Pro rata basis
Contribution by equal shares
Primary and excess, assuming that, Marco, the husband’s insurer is taken as primary
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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