Paul and his wife have three separate insurance policies covering their home: Policy X with a limit of $100,000, Policy Y with $50,000, and Policy Z with $25,000. These policies are set up to pay covered claims by contribution of equal shares. After a fire causes $125,000 in damage to their home, how much will each policy pay (ignoring any deductibles)?

Policy X: 50,000

Policy Y: 50,000

Policy Z: 25,000

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The voluntary relinquishment of a legal right is called
What documentation grants express authority to an agent?
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Fraternal Benefit Society has each of the following characteristics EXCEPT
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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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