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John owns an heirloom clock that has a current market value of $8,000. The clock is insured for $5,000. The clock is totally destroyed in

John owns an heirloom clock that has a current market value of $8,000. The clock is insured for $5,000. The clock is totally destroyed in a fire. At the time of loss, a collector was willing to buy John's clock for

$10,000.

What is the face value of the insurance policy?
What is the fair market value?
What is the replacement cost?

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