Multiple Choice
On April 2,1987,Ritz Corp.purchased a warehouse that it insured for $500,000.The policy contained a 75% coinsurance clause.On April 25,1988,a fire caused $900,000 damage to the warehouse.The fair market value of the warehouse was $800,000 on April 2,1987,and $1 million on April 25,1988.Ritz is entitled to receive insurance proceeds of,at most,
A) $375,000
B) $500,000
C) $600,000
D) $750,000
Correct Answer:
Verified
Correct Answer:
Verified
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