EquipLease Company pays a premium to Federated Insurance Inc. for fire insurance against the loss of EquipLease's offices, warehouse, and storage center. After EquipLease sells the facilities to Great State Trucking, Inc., the warehouse is lost in a fire. Under the policy, Federated must pay
A) neither EquipLease nor Great State.
B) EquipLease and Great State proportionately.
C) EquipLease only.
D) Great State only.
Correct Answer:
Verified
Q10: For an insurance contract to be binding,
Q12: For property insurance, the insurable interest must
Q17: Misstatements or misrepresentations in an application for
Q18: Businesses typically protect their financial interests by
Q19: Comprehensive general liability insurance can encompass as
Q22: Bev is an employee of the accounting
Q23: Estelle, who owns and operates a commercial
Q25: Root & Branch Lumber Company obtains a
Q26: Dental Clinic obtains an insurance policy that
Q52: Myles obtains a property insurance policy from
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents