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Mark owns a building that he insured for $60,000. The replacement cost of the building is $100,000. Mark's property insurance policy has an 80 percent
Mark owns a building that he insured for $60,000. The replacement cost of the building is $100,000. Mark's property insurance policy has an 80 percent coinsurance clause. Ignoring any deductible, if Mark incurs a $60,000 loss from a covered peril, how much will he receive from his insurer? The insurer will pay $ for this loss. IMPORTANT: Your answer should be rounded to the nearest integer and should NOT include symbols ('$' or '')
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