Solution-Compute the amount the insurance company refunded

Compute the amount the insurance company refunded

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Reference no: EM131703354

Garnet Corporation insured a building for $370,000 for one year at a premium rate of 6.50 per thousand. Three months later the Garnet Corporation sold the building and canceled the policy. The insurance company refunded the remaining-three quarters of the premium at the short-rate based on a penalty of 10% of the annual premium. Compute the amount the insurance company refunded.

Reference no: EM131703354

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Compute the amount the insurance company refunded

Reference no: EM131703354

Reference no: EM131703354

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