(Questions 1–2 are related.) Assume John Marshall owns a $170,000 home, which covers the replacement cost...

(Questions 1–2 are related.) Assume John Marshall owns a $170,000 home, which covers the replacement cost of the structure. (Ignore the deductible clause and consider just the coinsurance requirement.) If John purchased $138,000 of insurance, how much would he collect for a partial loss of $50,000? For a total loss of $170,000? If John purchased $100,000 of insurance, how much would he collect for a $40,000 loss? How much would he collect for a total loss? (Again, ignore the deductible clause.)

Expert Solution

jeff jeffy answered 2 years ago

John owns a home with a replacement cost of $400,000 that is insured under a Homeowners...

John owns a home with a replacement cost of $400,000 that is insured under a Homeowners 3 policy for $280,000. The roof was badly damaged in a severe windstorm, and it will cost $20,000 to repair the roof. The ACV (actual cash value) of the loss is $10,000. Ignoring any deductible, how much will John collect from the insurer? ( Use the formula)

1, a)Carolyn owns a home with a replacement cost of $400,000 that is insured under a...

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Craig owns a home with a replacement cost of $200,000 that is subject to a $100,000...

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Carolyn owns a home with a replacement cost of $400,000 that is insured under a Homeowners...

Carolyn owns a home with a replacement cost of $400,000 that is insured under a Homeowners 3 policy for $340,000. The roof was badly damaged in a severe windstorm, and it will cost $20,000 to repair the roof. The actual cash value of the loss is $15,000. Ignoring any deductible, how much will Carolyn collect from the insurer?

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