Janice purchased a living room set for 1,000 and insured this furniture on an actual cash value basis.
Two years later the living room set was destroyed by a covered peril. At the time of loss, the property had depreciated in value by 25 percent. The replacement cost of the furniture at the time of loss was 1,200. Assuming no deductible, how much will Janice receive from her insurer?
A) 900
B) 950
C) 1,000
D) 1,200
Question 2
Melody's car was damaged when another driver ran a stop sign and hit her car. Melody decided to collect from her own insurer and to let her insurer recoup the loss payment from the negligent driver who hit her.
What fundamental legal principle is illustrated in this scenario?
A) the principle of utmost good faith
B) the principle of insurable interest
C) the principle of subrogation
D) the principle of reasonable expectations
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