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Assume that the replacement value of your home is $200,000. You insure your home for $130,000 and a tornado sweeps in and causes $80,000 in

Assume that the replacement value of your home is $200,000. You insure your home for $130,000 and a tornado sweeps in and causes $80,000 in damage. What is the amount that your insurance company will pay on this loss?

Multiple Choice

$200,000

Less than $80,000

$80,000

$130,000

Less than $130,000 but more than $80,000

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