Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Safe House Insurance Company issues homeowners insurance policies with a coinsurance clause of 80%. Bethany and Chris are neighbors and have homeowners insurance with Safe

image text in transcribed
Safe House Insurance Company issues homeowners insurance policies with a coinsurance clause of 80%. Bethany and Chris are neighbors and have homeowners insurance with Safe House. Their houses are insured for the same value Y. A tropical storm damaged both houses. Bethany experienced a loss of 230,000 . At the time of the loss, the value of her house was 250,000 . She received 210,000 as the claim payment. On the other hand, Chris experienced a loss of 200,000 . At the time of the loss, the value of his hotse was 300,000 . He received Z as the claim payment. Calculate Z. 175,000 180,000 190,000 200,000 210,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Information For Decisions

Authors: Robert w Ingram, Thomas L Albright

6th Edition

9780324313413, 324672705, 324313411, 978-0324672701

More Books

Students also viewed these Accounting questions

Question

Describe skills and strategies of a client-centered therapist.

Answered: 1 week ago