Laura's medical insurance policy includes a 500 deductible. Laura is required to pay 20 percent of covered expenses in excess of the deductible, and her insurer will pay 80 percent of covered expenses in excess of the deductible.
Laura was hospitalized and her covered medical expenses were 10,500. How much of the 10,500 will be paid by the insurer?
A) 7,500
B) 7,900
C) 8,000
D) 10,000
Question 2
ABC Company insured its building on a replacement cost basis for 700,000 under a property insurance policy that included an 80 percent coinsurance clause.
The building had a replacement cost of 1 million when it sustained a 40,000 loss. How much will ABC Company receive from its insurer, assuming no deductible applies?
A) 33,333
B) 35,000
C) 36,000
D) 40,000
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