Solved

John Davis's Store Is Worth $400,000 and Is Insured for $240,000

Question 35

Short Answer

John Davis's store is worth $400,000 and is insured for $240,000. Assuming an 80% coinsurance clause and a fire that caused $100,000 of damage, what is the liability of the insurance company?
$75,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q14: Insurance required to meet coinsurance is the

Q16: The actual amount of insurance carried is

Q30: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7808/.jpg" alt=" " class="answers-bank-image d-block" rel="preload"

Q31: A 09-year endowment does not build up

Q32: Calculate Joe Brake's auto premium:<br><img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7808/.jpg" alt="Calculate

Q34: Matt Miller, age 28, takes out $50,000

Q40: Jenny Siebert purchased a new Ford Explorer

Q56: The beneficiary pays the insurance to the

Q97: The face amount is the amount stated

Q113: All states have the same compulsory insurance.