15. Insurance [LO 23.4] Suppose you own a home that costs $950 000 and you buy homeowners...

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15. Insurance [LO 23.4] Suppose you own a home that costs $950 000 and you buy homeowner’s insurance to cover your house against fire, wind, floods and other disasters. One way to view your insurance is that you purchased an option. What type of option is the homeowner’s policy? As the homeowner, are you buying or selling this option?

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