A house worth $250,000 has a coinsurance clause of 90 percent. The owners insure the property for $191,250. They then have a fir
2 answers:
Answer: He will receive only $55080 against the fire insurance that caused damage the property.
Explanation:
Since we have given that a house worth $250,000 has a coinsurance clause of 90 percent .
But the owner insure the property for $191,250.
That means the owner does not insure the property for his full value ,
Amount incurred on fire that caused damage =$80,000
Amount he will receive against his insurance is given by
Hence, He will receive only $55080 against the fire insurance that caused damage the property.
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and if we divide one term by the term before it, we'd get the "common ratio" "r"
so hmm say -32/8 that gives us -4, so r = -4
thus