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Suppose that you purchase an unendorsed HO-3 policy. While the policy is in force, a fire occurs that destroys a living room set. The living

Suppose that you purchase an unendorsed HO-3 policy. While the policy is in force, a fire occurs that destroys a living room set. The living room set cost $2000, but was 25% depreciated at the time of the fire. A replacement set of furniture will cost $2200. Assuming no deductible.


How much will you receive from your insurer if they use replacement cost less depreciation?

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