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Problem 16 Your home insurance policy has a $500 deductible and provides cash value coverage on contents. If your home is over 25 years old

Problem 16

Your home insurance policy has a $500 deductible and provides cash value coverage on contents. If your home is over 25 years old and a small fire causes $16,000 damage to it, what amount of the claim would the insurance company pay? (Show your calculations)

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