Jasmine purchased a home in 2014 for $300,000. She incurs the loss of $75,000 in fire damage. The actual cash value of her home is $290,000 and the replacement cost is $325,000. She has a policy for $290,000 with a $1,000 deductible. How much will her insurer pay her for this loss?
Jasmine purchased a home in 2014 for $300,000. She incurs the loss of $75,000 in fire damage. The actual cash value of her home is $290,000 and the replacement cost is $325,000. She has a policy for $290,000 with a $1,000 deductible. How much will her insurer pay her for this loss?
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter22: Contemporary Issues In The U.s. Economy
Section: Chapter Questions
Problem 5DQ
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