LTA Bank purchased a new camera system at a cost of R1 500 000, excluding VAT. The chief financial officer insured the camera system at 60% of the full cost price to the bank to save on premium costs. The insurance policy requires an amount of R80 000 to be paid for each claim submitted by the bank. Three years after the camera system was purchased and insured, it was damaged by fire. The appointed loss adjuster found that the damage amounted to R450 000. The insurer is liable for

a. R450 000

b. R190 000

c. R370 000

d. R270 000