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How much would pod recover from owners if the fire caused

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Reference no: EM13575401

Items 1 and 2 are based on the following:

In 1997, Pod bought a building for $220,000. At that time, Pod purchased a $150,000 fire insurance policy with Owners Insurance Co. and a $50,000 fire insurance policy with Group Insurance Corp. Each policy contained a standard 80% coinsurance clause. In 2001, when the building had a fair market value of $250,000, it was damaged in a fire.

How much would Pod recover from Owners if the fire caused $180,000 in damage?

  1. $ 90,000
  2. $120,000
  3. $135,000
  4. $150,000

How much would Pod recover from Owners and Group if the fire totally destroyed the building?

  1. $160,000
  2. $200,000
  3. $220,000
  4. $250,000

Reference no: EM13575401

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