A barbershop suffers 65,000 in fire damage. The shop is insured for 145,000 and has a value of 225,000. There is an 80 coinsurance fire policy. How much will the insurance company pay?
A) 225,000
B) 145,000
C) 65,000
D) 52,650
Q. 2Anchors Away Charter Boats purchased a second marina valued at 565,000. Their insurance company quoted them 3.75 per 1,000 for insurance. How much would a two-year property insurance premium cost?
A) 301.33
B) 750.00
C) 2,118.75
D) 4,237.50
Q. 3Which amount will the insurance company pay on a claim filed by a business insured for 80 of the value with an 80 coinsurance plan, where the value of the business is 190,000 and the loss is 165,000?
A) 132,000
B) 152,000
C) 165,000
D) 190,000
Q. 4Conway's Hardware suffers 95,000 in fire damage. The building is valued at 450,000, and the owner has it insured for 300,000 with 80 coinsurance. How much will the insurance company pay?
A) 63,500
B) 78,850
C) 95,000
D) 300,000
Q. 5What amount of property insurance coverage is needed to equal 80 of the property value of a home valued at 332,000?
A) 265,600
B) 66,400
C) 26,560
D) 6,640
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