Example 2 Second Report Overdue Limit of Insurance: $100,000 Reporting Period: Monthly (MR) Policy Inception Date: January 1 Date of Last Report: February 28 Value of Last Report: $60,000 Date of Loss: June 20 Amount of Loss: $70,000 What is the Amount of Payment? O $70,000 $100,000 O $60,000 None of the Above