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Author Question: The owner of property valued at 150,00 . insured the property for 75,00 . for one year at a premium ... (Read 120 times)

crazycityslicker

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on: Jun 24, 2018
The owner of property valued at 150,00 . insured the property for 75,00 . for one year at a premium rate of 4.90 per thousand. The policy carried a 75 coinsurance clause. A fire caused 56,250 in damages. Compute the amount the property insurance and repairs for fire damage cost the insured that year.

Question 2

Property valued at 200,00 . was insured for 140,000 . The policy contained a 60 coinsurance clause. A fire caused 150,00 . in damages. Compute the amount the property owner must pay if the property is repaired for 150,000.


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pocatato

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Reply #1 on: Jun 24, 2018
Answer to Question 1

19,117.50

Answer to Question 2

100,000


crazycityslicker

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Reply #2 on: Jun 24, 2018
Thank you :)


pocatato

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Reply #3 on: Jun 24, 2018
Happy to help you


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