Fine arts and antiques are classes of property insured on a:
Fine arts and antiques are classes of property insured on a:
a. Market value basis
b. Valued basis
c. Actual cash basis
d. Replacement cost basis
Answer: b. Valued basis
An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?
An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B
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