Question
The replacement cost of a home covered under the HO-3 policy is $100,000. Assume the home is insured for $50,000 and a $13,121 loss occurs
The replacement cost of a home covered under the HO-3 policy is $100,000. Assume the home is insured for $50,000 and a $13,121 loss occurs (replacement cost). Also assume depreciation amount is 8 percent. Assume that there is no deductible. How much will the insured recover if repaired?
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Financial Markets And Institutions
Authors: Anthony Saunders, Marcia Cornett
7th Edition
1259919714, 978-1259919718
