Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If Carissa has a $ 3 9 0 , 0 0 0 home insured for $ 3 0 0 , 0 0 0 , based

If Carissa has a $390,000 home insured for $300,000, based on the 80 percent coinsurance provision, how much would the insurance company pay on a claim of $15,000? Assume there is no deductible.
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
Amount paid
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Modelling In Mathematical Finance

Authors: Jan Kallsen, Antonis Papapantoleon

1st Edition

3319458736, 978-3319458731

More Books

Students also viewed these Finance questions