Property Insurance FundamentalsCâu 219 / 474
A dwelling with a $320,000 replacement cost is insured for $300,000 under a 90% coinsurance clause with a $1,000 deductible. A covered $60,000 loss occurs. The insurer pays:
a.$60,000
b.$55,250
c.$56,250
d.$59,000
Giải thích
Ninety percent of $320,000 is $288,000 required, and the $300,000 carried exceeds it, so no coinsurance penalty applies and the loss is paid in full less the $1,000 deductible: $59,000. The $60,000 figure forgets the deductible. The two lower figures apply a ratio of $300,000 to the $320,000 value, but the formula compares insurance carried with the amount required, not with full value.
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Câu hỏi liên quan cùng chủ đề
- The coinsurance formula settles a partial loss by multiplying the loss by:
- A dwelling with a $250,000 replacement cost carries $150,000 of insurance under an 80% coinsurance clause. A covered loss of $40,000 occurs and there is no deductible. The insurer pays:
- A building valued at $400,000 is insured for $280,000 with an 80% coinsurance clause and a $2,500 deductible. A covered loss of $50,000 occurs. The insurer pays:
- A dwelling with a $300,000 replacement cost is insured for $240,000, meeting the form's 80% requirement. Fire damages one wing: $18,000 to replace, $12,000 depreciated, deductible $1,000. The insurer pays:
- When a coinsurance penalty applies to a property loss, the deductible is:
- A percentage deductible on a homeowners policy differs from a flat deductible in that it is:
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