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How much insurance is required on the property for coverage

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Reference no: EM131628827

Question: Marjorie (Exercise) had a fire that resulted in a loss valued at $83,000. How much compensation is the insurance company obligated to pay if the home is insured for $220,000?

Exercise: Marjorie Mays owns a home that has a replacement value of $395,000. How much insurance is required on the property for coverage up to the face value of the policy if an 80% coinsurance clause exists?

Reference no: EM131628827

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