A building was purchased 10 years ago for $50,000. It has a current replacement cost of $100,000. If the building is insured for $80,000, with an 80% coinsurance requirement, how much would the insured get from a loss claim of $60,000?
A building was purchased 10 years ago for $50,000. It has a current replacement cost of $100,000. If the building is insured for $80,000, with an 80% coinsurance requirement, how much would the insured get from a loss claim of $60,000?
a. $100,000
b. $60,000
c. $48,000
d. $64,000
Answer: B
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