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The value of a home is $50,000, and the homeowner policy covering it contains an 80% coinsurance ...

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The value of a home is $50,000, and the homeowner policy covering it contains an 80% coinsurance ...

The value of a home is $50,000, and the homeowner policy covering it contains an 80% coinsurance clause. Assume the home is insured for $30,000 and a $12,000 loss occurs. How much will the insured recover? (Ignore the ACV calculation and assume there is no fraud or other unusual circumstances surrounding the loss.)
A) $12,000
B) $9,000
C) $16,000
D) The answer cannot be determined by the facts given.

Textbook

Introduction to Risk Management and Insurance

Edition: 10^th

Authors: Dorfman, Cather

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