Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

A homeowner insured a house for $ 1 5 0 , 0 0 0 for one year at a premium rate of $ 7 5

A homeowner insured a house for $150,000 for one year at a premium rate of $750.00. The homeowner canceled the policy during the year. The insurance company has a penalty of 15% for short-rate refunds. Compute the amount of the penalty.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started