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A building worth $120,000 is insured for $60.000 under a fire policy with an 80% co-insurance clause. Fire damages the building to the extent of $24,000. How much does the insurer pay? $60,000.00 $24,000.00 $18,000.00

A building worth $120,000 is insured for $60.000 under a fire policy with an 80% co-insurance clause. Fire damages the building to the extent of $24,000. How much does the insurer pay? $60,000.00 $24,000.00 $18,000.00

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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A building worth $120,000 is insured for $60,000 under a fire policy with an 80% co-insurance clause. Fire damages the building to the extent of $24,000. How much does the insurer pay? $60,000.00 $24,000.00 $18,000.00 $15,000.00
Transcribed Image Text:A building worth $120,000 is insured for $60,000 under a fire policy with an 80% co-insurance clause. Fire damages the building to the extent of $24,000. How much does the insurer pay? $60,000.00 $24,000.00 $18,000.00 $15,000.00
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