You have a standard HO-3 with one endorsement, replacement cost personal property endorsement. The policy...
90.2K
Verified Solution
Link Copied!
Question
Finance
You have a standard HO-3 with one endorsement, replacement cost personal property endorsement. The policy has the following coverages and limits of insurance. Coverage A: $200,000 Coverage B: $20,000 Coverage C: $100,000 Coverage D: $10,000 Coverage E: $500,000 per occurrence Coverage F: $5,000 per person. A fire occurs in the living room, kitchen and dining room of your home. The damage to the walls, ceiling, flooring and cabinetry is replaced at a cost of $50,000. In the fire, you also lost your TV, desktop, living room furniture, dining table, chairs, kitchen appliances, kitchen wares and food. It costs an additional $50,000 to replace all of those belongings. The actual cash value of those belongings is $15,000. How much will your homeowner policy pay (total) on the claim?
A. $0
B. $50,000
C. $65,000
D. $100,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
