b) Greg insures his house, worth R1 million, for R1,2 million. When it is seriously damaged by fire a year later, the house is worth R1,5 million. The damage to the house is estimated at 50% (fifty per cent).Greg's insurance contract makes provision for an excess of R100 000. Greg claims an indemnification from his insurer in terms of the insurance contract. The insurer admits liability to indemnify Greg against his loss but approaches you for advice as to the extent of its liability. The insurer wants to know whether it is legally obliged to pay R1,5 million, R1,2 million, R1 million or any other amount. Explain and advise the insurer on its legal position