1.A valid insurance contract requires the insurance company to be licensed insurer so that it is a ... legal capacity to sell insurance.

2 Under insurance contract requirement, the insurance company's consideration is the ... specified in the contract.

3 A legally binding insurance contract requires the insurance company to make an ...... or rejection decision on the application made by the applicant.

4 The owner insured warehouse for 250,000 under a commercial property insurance policy. The policy contains a 75% coinsurance clause. The warehouse suffered a loss of 80,000 due to flood. The replacement cost of the warehouse at the time of loss is 200,000. How much the insurer would pay for the loss?