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A house worth $180,000 has a coinsurance clause of 75 percent. The owners insure the property for $101,250. They then have a loss that results in a $50,000 claim. They will receive $______ .00 from insurance.


I got $21093.75 but it says I'm incorrect? Please help.

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Answer:

hopefully this is right

A = ([C / R]† * L) - D

Explanation:

A = Amount Payable

C = Amount of Coverage Purchased

R = Property Value * Coinsurance percentage

L = Loss

D = Deductible

A=([101,250/135,000] •50,000)-50,000

16,666.67 should be the answer

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