Final - (35% Total Grade )Attached please find the Final. It is due by 5/4. It is open book, open note. I have attached the powerpoints that will be helpful. The format is easy; do your own work-no...

Questions & Answers
1. False
2. True
3. False
4. True
5. Insurable interest
6. Insurance company owes duty of good faith and fair dealing asking for acting in the client’s best interest. The insurance agreement require insurer for acting in good faith in transactions. For this, insurance company should fully investigate claim, not just parts or areas for supporting the position and announcing claims. Every possible information should be investigated in detailed terms for protecting claim, and, at the same time, all communications should be responded promptly by the insurance company.
Secondly, insurance company also holds duty to indemnify or defend under specified circumstances. Depending on the nature of agreement, insurer holds duty to indemnify losses. For this, legal judgements and opinions need to be analysed properly at the time of indemnifying losses.
7. Someone who is covered by an insurance company is called insured that holds responsibility of paying premiums and sending notice of loss and proof of loss. Firstly, obligation to pay premium is the most fundamental duty of insured under the contract of insurance. It is considered as the essence of insurance contract, and, essential for enforcement of insurance agreement. The obligation or duty to pay premiums subject to certain terms and conditions, and, it can be paid in credit and cash form. Secondly, insured also holds duty of sending timely notice of loss to the insurer about the occu
ence of loss. It provides insurer with the opportunity to investigate the claim and determine rights and liabilities, thereby appraising nature of the loss or claim.
8. True
9. False
10. True
11. True
12. Workers’ compensation insurance
13. Key person insurance
14. Business inte
uption insurance
15. Estimate for repair $8,000.00 minus deductible $500.00 equals to $7,500.00
Medical expenses $7,000.00 minus coinsurance clause of 20% for medical damage equals
to $1400.00 which will be paid by insured, and, remaining 80% $5600.00 which will be
paid by insurance company.
Therefore, insurance ca
ier will pay $13,100.00 ($7,500+$5,600)
16. B
17. B
18. C
19. F
20. D
21. B
22. A
23. B
24. The Sa
anes-Oxley act came into force in 2002 with the purpose of overseeing and monitoring the process of financial reporting by companies. The legislative audit requirements are reviewed by the act with the aim of protecting investors through providing them accurate and reliable financial statements and corporate disclosures. The act is quite wider in scope and covers monitoring and overseeing, auditor independence, accounting oversight and financial disclosures (Moehrle and Reynolds-Moehrle, 2013).
25. Enron corporation fated dramatic collapse affected thousands of employees and stockholders in Wall Street. At the time of collapse, Enron’s shares were trading at $0.26 wondering stockholders. The leaders of Enron Corporation have made regulators fool with fake holdings and off-the-book accounting. Pets.com is another firm began operations in November 1998 and liquidated in 2000, it has took advantage of stockholders through creating high profile marketing campaign for gaining...