Question 5 2 pts You have comprehensive major medical policy with 80/20 up to $5,000 coinsurance. During the calendar year, you have covered medical care costs of $500, $700, and $1,200 (each from separate conditions). Also, assume you have no underlying deductible. How much would you have to pay for your portion of the costs? O $240 O $480 O $1.920 0 $2,160 O $1,000 Question 7 2 pts Your business owns a piece of property that is valued at $200,000 and is insured. The insurance policy covering this property has an 80% coinsurance clause written into the contract. The amount of insurance purchased with this contract is $120,000. In the event that there was a $120,000 loss to the building due to a covered peril, what would be the amount of reimbursement you would receive from the insurance company due to this loss? (Assume that no deductible applies.) (Amount of lisurance Purchased / Amount of Insurance Required) x Loss = Amount of Recovery $90,000 $96,000 O $120,000 $100,000 None of the above