20) Mike Jones owns a home that is currently valued at $500,000. He lives in a very safe area and knows that the chances of a total loss are very low. To save money he purchased a homeowners policy with an 80% coinsurance clause and a $100,000 limit of insurance. After purchasing the policy he had a covered loss in the amount of $60,000. How much will Mike's insurer pay for this loss? a. $15,000 b. $20,000 c. $60,000 d. $100,000