Mark owns a building that he insured for $90,000. The replacement cost of the building is $100,000. Mark's property insurance policy has an 80 percent coinsurance clause. Ignoring any deductible, if Mark's building is destroyed by a covered peril, how much will Mark receive from his insurer?

Question

24-03-2020
Business

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Mark owns a building that he insured for $90,000. The replacement cost of the building is $100,000. Mark's property insurance policy has an 80 percent coinsurance clause. Ignoring any deductible, if Mark's building is destroyed by a covered peril, how much will Mark receive from his insurer?

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Answer:

B. $90,000

Explanation: An insurance policy is a product of an insurance company which is bought by an individual, a business Organisation or other non Financial Institution with the aim of protecting the person, Organisation or property from losses which can occur as a result of the damage or loss either by natural causes or other forms of eventualities.

AN INSURER WILL PAY MARK $90,000 IN THE CASE OF ANY DAMAGE OR DESTRUCTION OF HIS PROPERTY.