Which statement regarding wear items and extended warranties is true?

The statement that both A and B are correct accurately reflects the common coverage policies associated with warranties in the automotive industry.

Belts and hoses are considered wear items that degrade over time due to regular vehicle usage and environmental factors. Hence, although they are essential for the vehicle's operation, they often are not included in standard warranties due to their expected wear. Some extended warranties may cover certain wear items, but typically, this coverage is limited or comes with specific conditions.

Additionally, when it comes to major transmission parts, it's true that they are generally more likely to be covered under warranties compared to belts and hoses, as they constitute critical components of the vehicle's powertrain. However, their coverage can still vary based on the policy or manufacturer. Major failures of transmission components might be covered under a powertrain warranty, but minor parts or wear items may not be.

Together, these points illustrate the nuances of coverage for different vehicle components, emphasizing the importance of carefully reviewing the terms of any extended warranty you consider. Therefore, confirming that both statements align with typical warranty policies makes the answer encompassing and correct.