Question
Kenny owns Mania, LLC. He has a BPP with a $300,000 building limit and a $150,000 business personal property limit. Both coverages have an 80%
Kenny owns Mania, LLC. He has a BPP with a $300,000 building limit and a $150,000 business personal property limit. Both coverages have an 80% coinsurance provision. Further, Kenny has a $1000 deductible.
If Kenny has a covered loss of $290,000 to his building, and the insurer determines that the value of his building was $420,000.
How much can Kenny expect to receive from his insurer?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To calculate the insurance payout we first need to determine if Kenny had enough insurance coverage ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
