Personal Auto Policy第 430 / 474 题
A financed car is totaled. The auto policy pays its actual cash value of $18,500 while $22,000 is still owed on the loan. Gap coverage would pay:
a.$3,500, the shortfall on the loan balance
b.Nothing, because auto loans are not insurable at all
c.$18,500, a second payment equal to the car's value
d.$22,000, the loan balance, in place of the insurer
解析
Part D owes actual cash value, so after the claim the borrower still owes $22,000 - $18,500 = $3,500. Gap coverage is designed to pay that difference; it neither duplicates the physical damage payment nor replaces it with the whole loan balance. Treating the shortfall as uninsurable ignores a product lenders commonly offer when the car is financed.
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