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geniusboy [140]
3 years ago
15

Assume you have a home which would cost $120,000 to replace. You currently have the home insured for $85,000. Last night a torna

do damaged your home, causing an estimated $25,000 in damage. How much will your insurance company pay for repairing the damage to your home?
Business
2 answers:
prisoha [69]3 years ago
6 0

Answer:

$22,135

Explanation:

We are given

Estimated damage = $25,000

Amount insured = $85,000

Base on the scenario been described in the question we are to calculate the how much the insurance company will

This can be calculated using this method

Insurance claim = (Estimated damage × amount insured)/ 80% of replacement cost

insurance claim = (25,000×85,000)/80% of 120,000

Insurance money = 2,125,000,000/96,000

Insurance money = $22,135

Vikki [24]3 years ago
5 0

Answer:

The insurance claim is $22,135

Explanation:

In this question, we are to calculate the amount an insurance company will pay for a damaged house that was insured.

Firstly, it should be noted that at the time of replacement, the insurance company offer the insurance amount at 80% on actual replacement cost.

Thus, the insurance claim is calculated as follows;

Insurance claim = (Estimated damage * amount insured)/ 80% of replacement cost

insurance claim = (25,000 * 85,000)/80% of 120,000

= 2,125,000,000/96,000 = $22,135

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