Question 26 (1 point) A building owned by Joe is insured for $100,000. The insurance contract contains an 80% co-insurance clause which Joe does not like. Joe is quite sure his building would cost $100,000 to replace and so has clearly told the insurance company that he is opting out of the co-insurance clause. A short time later the building is damaged by hail to the extent of $80,000. The actual value of the insured property is $400,000. The insurance company will then pay $75,000 $25,000 O $320,000 $80,000 $20,000