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blondinia [14]
3 years ago
8

Kurt has 25/50/25 auto insurance coverage. One evening he lost control of his vehicle, hitting a parked car and damaging a store

front along the street. Damage to the parked car was $9,000, and damage to the store was $20,300.
Required:
a. What amount will the insurance company pay for the damages?
b. What amount will Kurt have to pay?
Business
1 answer:
larisa86 [58]3 years ago
8 0

Answer:

A. $25,000

B. $4,300

Explanation:

A. Calculation to determine What amount will the insurance company pay for the damages

Using this formula

Insurance payment=(Claim amount, Policy limit)

Let plug in the formula

Insurance payment= $25,000

Therefore the amount that the insurance company will pay for the damages is $25,000

B. Calculation to determine What amount will Kurt have to pay

Using this formula

Personal liability=Claim amount - Insurance payment

Let plug in the formula

Personal liability=($9,000 + $20,300) - $25,000

Personal liability=$29,300-$25,000

Personal liability=$4,300

Therefore Kurt have to pay $4,300

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Explanation:

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The formula for composite or overall break even in dollars is,

Break even in dollars = Fixed costs / Weighted average contribution margin ratio

Where the weighted average contribution margin ratio is the weghtage of each product in the overall sales mix multiplied by the contribution margin of each product.

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Weighted average contribution margin ratio = ((360 - 210) / 360) * 8/13  +  

((500 - 300) / 500) * 4/13  +  ((1600 - 600) / 1600) * 1/13     =   0.5814 or 58.14%

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If there is some discrepancy in the final answer, it will be due to the rounding off of the weighted average contribution margin ratio

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3 years ago
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