Jack has an automobile insurance policy with the Auto - Share Insurance Company. He has 200,000...
Jack has an automobile insurance policy with the Auto - Share Insurance Company. He has 200,000 of third party liability coverage (bodily injury/property damage) and has a 1,500 deductible on his collision coverage. Jack is at fault for an accident that injures Lucy, who is insured by Frog Insurance. Jack is successfully sued by Lucy for Lucy’s injuries. The court orders Jack to pay Lucy 170,000. Other expenses incurred are:
(i) Legal fees to Auto-Share on behalf of Jack: 45,000
(ii) Collision costs to repair Jack’s car: 20,000
Calculate the total amount Auto - Share pays out for this occurrence and the ultimate cost to Jack.
Homework Answers
Out of $170000, 1500 is paid by Jack.
Legal fee will be paid by Auto Share
Collision cost is covered within 200,000 and so will be paid by Auto Share.
Hence total amount paid by Auto Share = 170,000- 1500+45000+ 20000=233500
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