1.A house worth $250,000 has an coinsurance clause of 90 percent. The owners insure the property for $191,250. They then have a fire that ca

Question

1.A house worth $250,000 has an coinsurance clause of 90 percent. The owners insure the property for $191,250. They then have a fire that causes $80,000 in damage. How much money will they receive from insurance?

2.A house worth $180,000 has a coinsurance clause of 75 percent. The owners insure the property for $101,250. They then have a loss that results in a $50,000 claim. How much money will they receive from insurance?

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Neala 6 months 2021-08-23T12:28:38+00:00 2 Answers 6 views 0

Answers ( )

    0
    2021-08-23T12:30:06+00:00


    1. Multiply the value of the house by the percent:

    250,000 x 0.9 = 225,000

    Divide the amount the owner insured by the clause amount:

    191,250/225,000 = 0.85

    Multiply that by the amount of damage:

    0.85 x 80,000 = 68,000

    They will receive $68,000

    2. Follow the same steps as above:

    180,000 x 0.75 = 135,000

    101,250 / 135,000 = 0.75

    0.75 x 50,000 = 37,500

    They will receive $37,500



    0
    2021-08-23T12:30:32+00:00

    Answer:

    1. They will receive $72,000 in insurance.

    2. They will receive $37,500 in insurance.

    Step-by-step explanation:

    1.Given that the coinsurance is 90 percent.

    For the fire that caused a $80,000 in damage, 90 percent of $80,000 will be received in insurance.

    90 percent of $80,000 will be received in insurance

    90 percent of $80,000 = 0.9 * 80000

    = 72,000

    Therefore, they will receive $72,000 in insurance

    2. The coinsurance is 75 percent, given that they have a loss that results in a $50,000 claim.

    they will received 75 percent of $50,000

    75 percent of $50,000 = 0.75 * 50000

    = 37.500

    Therefore, they will receive $37,500

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