Miles Was Sued in Tort

question 23

True/False

Miles was sued in tort. He previously purchased a liability insurance policy from Western Mutual Insurance Co. Even if the law suit against him ultimately fails, that insurance policy may be beneficial to Miles because it will require the insurance company to pay for the costs associated with the trial.

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Definitions:

Trademark

A recognizable symbol, design, or expression that uniquely identifies and legally protects the brand or product of a particular source from being used by others.

Capital Expenditure

Funds used by a company to acquire, upgrade, and maintain physical assets such as property, industrial buildings, or equipment.

Revenue Expenditure

Expenses incurred by an organization in its day-to-day operations which do not add to the value of an asset.

Operating Costs

Expenses associated with the day-to-day functions of a business, excluding costs associated with production or acquisition of goods.