19. 10 Points A company is insured under two CGL policies, both of...
70.2K
Verified Solution
Link Copied!
Question
Accounting
19. 10 Points
A company is insured under two CGL policies, both of which are considered primary insurance. The each occurrence limit under policy A is $ 500,000 and $2,000,000 under policy B. The company was held to be legally liable for $1,000,000 in damages arising from one occurrence.
Under the contribution by equal shares method, how much would each insurer contribute to fulfill the claim?
If the other insurance condition does not permit contribution by equal shares but rather contribution by limits, how much would each insurer contribute to fulfill the claim?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
