33. A fire totally destroyed the building owned by your client, I.M. Broke. The Actual Cash Value of the building was ( $ 400,000 ). I.M. Broke still carries a mortgage of ( $ 200,000 ) on his property. The building was insured for ( $ 350,000 ). Based on the Indemnity Agreement what is the amount of the settlement that I.M. Broke is entitled to? a. ( $ 400,000 ) b. ( $ 200,000 ) c. ( $ 350,000 ) d. ( $ 150,000 )

33. A fire totally destroyed the building owned by your client, I.M. Broke. The Actual Cash Value of the building was $400,000. I.M. Broke still carries a mortgage of $200,000 on his property. The building was insured for $350,000. Based on the Indemnity Agreement what is the amount of the settlement that I.M. Broke is entitled to? a. $400,000 b. $200,000 c. $350,000 d. $150,000