Question
The Nelsons home, assessed at $210,000 is insured for $180,000. The insurance policy contains a 90% coinsurance clause. A fire causes a loss of $85,400.
The Nelsons home, assessed at $210,000 is insured for $180,000. The insurance policy contains a 90% coinsurance clause. A fire causes a loss of $85,400. Find the amount of loss paid by the insurance company.
How much of the loss will the Nelsons have to pay?
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Managerial Accounting
Authors: Hartgraves And Morse
6th Edition
1934319805, 978-1934319802
