Solution-Damaged or destroyed by fire during the year

Damaged or destroyed by fire during the year

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There are numerous definitions of insurance. Based on the definition of insurance stated in the text, indicate whether each of the following guarantees is considered insurance.

A new television is guaranteed by the manufacturer against defects for 90 days.
A new set of radial tires is guaranteed by the manu- facturer against road defects for 50,000 miles.
A builder of new homes gives a 10-year guarantee against structural defects in the home.
A cosigner of a note agrees to pay the loan balance if the original debtor defaults on the payments.
A large group of homeowners agrees to pay for losses to homes that are damaged or destroyed by fire during the year.

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Damaged or destroyed by fire during the year

Reference no: EM131060873

Reference no: EM131060873

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