Author Question: The Faulkner Company building was valued at 450,000 . The building was insured for 400,000 . The ... (Read 247 times)

nummyann · **on:** Jun 24, 2018

The Faulkner Company building was valued at 450,000 . The building was insured for 400,000 . The policy contains an 80 coinsurance clause. A fire caused damages of 260,000 . Compute the amount the insurance company paid for damages.

Question 2

The owner of property valued at 140,00 . insured the property for 90,00 . for one year at a premium rate of 4.80 per thousand. The policy contained a 90 coinsurance clause. A fire caused 63,00 . in damage. How much more did the insurance company pay the property owner for repairs for fire damage than the property owner paid the insurance company in premiums that year?