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Determining the coinsurance obligation

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Reference no: EM131114045

George and Nancy had a $30,000 repair bill on their house after the tornado went though town. Their policy contained the usual 80% co-insurance clause. Their home's replacement value was $150,000; their policy coverage was $110,000 with a $250 deductible.

  • How much insurance should they have carried to meet the coinsurance obligation?
  • What percentage of this loss will the insurance company pay?
  • How much of the loss will George and Nancy have to absorb?

Reference no: EM131114045

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