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Julia owns a building worth $800,000. She insures the building for $300,000 with Company A, $400,000 with Company B, and $100,000 with Company C.There is

Julia owns a building worth $800,000. She insures the building for $300,000 with Company A, $400,000 with Company B, and $100,000 with Company C.There is a fire, and the building sustains $100,000 in damage. How much will Julia collect in insurance? How much will each company pay? What insurance term describes this situation? What is its purpose?

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