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A person who owns a boat worth $80,000 insures it for $60,000. The insurance policy does have a subject to average clause in it. The

A person who owns a boat worth $80,000 insures it for $60,000. The insurance policy does have a "subject to average" clause in it. The boat is damaged in a collision (but does not sink) and repairs will cost $64,000. The maximum benefit which the insurer will pay the insured boat owner is:

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