A Property Was Badly Damaged by Fire Several Months After

question 17

Multiple Choice

A property was badly damaged by fire several months after the owner had handed her premium renewal payment to her insurance broker.The owner now knows that the broker did not pass on the premium or advise the insurer that he was holding the premium.Which of the following statements is true?

• A)The broker and the insurer will probably share the cost of the claim.
• B)The insurer is liable to pay the claim because payment of a premium to a broker is deemed (considered)to be a payment to the insurer.
• C)The broker is probably liable to pay the claim.
• D)Neither the broker nor the insurer is liable but the owner is entitled to be repaid the premium plus interest.

Comprehend the role of the Heckscher-Ohlin model in predicting trade patterns based on factor endowments.

Assess the impact of trade on the distribution of income within countries (wages and rents).

Understand the function and purpose of trade barriers and their impact on international trade.

Grasp the significance of the World Trade Organization (WTO) in overseeing global trade agreements.

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Definitions:

Net Identifiable Assets

The aggregate of all assets acquired from a company, minus liabilities assumed, that can be assigned a fair value during a merger or acquisition.

Upstream Sale

A transaction in which a subsidiary sells goods to its parent company, affecting intercompany transactions and profit figures.

Consolidated Financial Statements

Financial statements that aggregate the financial position and results of operations of a parent and its subsidiaries, presenting the economic activities as those of a single entity.

Asset Sold

The process of transferring ownership of a business resource, which could be tangible or intangible, from one entity to another, usually in exchange for cash or its equivalent.