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Len [333]
2 years ago
12

Bill Blum insured his hardware store with a fire insurance policy for $88,000 at a cost of $0.84 per $100. Ten months later his

insurance company canceled his policy as a result of failure to correct a fire hazard. The cost of the policy to Bill was:
Business
1 answer:
Dovator [93]2 years ago
4 0

Answer:$616

Explanation:

The insurance policy is a policy on an annual basis in which premium are paid in advance to enable the insurance firm to provide cover for the clients.

Cost of insurance

$0.84* ($88000/100)

= $732.92 per annum

However since the insurance was cancelled after 10 months he will only be responsible for 10 months.

$739.2/12*10

=$616

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2 years ago
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