(Following the previous question) What's the minimum policy limit David needs to have on his house in order to meet the coinsurance requirement? O $2,160.000 O $2.880.000 $3,600,000. O $1,728,000. For numbers 22 to 24, consider the following scenario: David owns a house in San Francisco that's worth $3,600,000. The house is insured for $2.160.000 under a homeowner insurance policy that has an 80% coinsurance clause. What does the 80% coinsurance mean? O The insurance company will pay a maximum of $2.880,000 to David when loss occurs O When loss occurs, David will need to pay for 20% of the loss O David needs to purchase insurance with coverage of at least 80% of the property value in order to prevent penalty when loss occurs The insurance company will pay up to 80% of the loss as long as loss is a result of an accident (Following the previous question) What would happen if David does not meet the coinsurance requirement? The policy will be voided. The insurer would pay a reduced amount when loss happens. David's premium will be doubling. There will be more exclusions included in the policy.