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Zanzabum
3 years ago
9

Thompson’s house was destroyed by fire and claims were filed with the insurance company. The insurance company (insurer) hired C

annon to investigate the fire as it was suspicious about the cause. Subsequently, the insurer denied the claims based on Cannon’s report. Thompson sued the insurer and Cannon. Thompson claimed to be a third party beneficiary of the Cannon-insurer contract.Is Thompson correct? If not, what type of beneficiary is he and why?
Business
1 answer:
joja [24]3 years ago
8 0

Answer:

Yes, Thompson is correct in his claim to be a third party beneficiary of the Cannon-insurer contract.

Explanation:

A third party contract covers an individual or firm against a loss caused by some third-party.

An example is fire insurance that will indemnify Thompson (third party) with Cannon-insurer contract.

Since Cannon is the insured, he will investigate to be sure that the cause of the fire was worthy of indemnity. This is definitely why he is in agreement with the insurer.

The two main categories of third-party insurance are liability coverage and property damage coverage.

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Answer:

Current ratio= 1.3977

Explanation:

Current Ratio:

It is the measure of company ability to pay short term debits of one year. It also tells how company can increase its current assets.

Given:

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Formula For current Ratio:

Current Ratio=\frac{Total\ Assets-Net\ Fixed\ Assets}{Total\ Assets-  long_term\ debt-total\ equity}

Current\ Ratio=\frac{\$689,400-\$512,000}{\$689,400-\$364,182-\$198,375}\\ Current\ Ratio=1.3977

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Answer:

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