The Insurance Commissioner is required to give bond in the sum of:

a. $50,000.00

b. $62,000.00

c. $75,000.00

d. $100,000.00

Answer: a. $50,000.00

Pre-Licensing Insurance

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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?

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