A commercial building is insured under a fire policy that has a face value of 80 of the buildings appraised value The annual insurance premium is 3 8 of the face value of the policy and the premium for one year amounts to $675 (a) What is the face value of the policy (b) What is the appraised value...

a Let the policy value be x 38 of x 675 ...

A commercial building is insured under a fire policy that has a face value of 80% of

Question:

A commercial building is insured under a fire policy that has a of 80% of the building’s appraised value. The annual insurance premium is 3/8% of the of the policy and the premium for one year amounts to $675.
(a) What is the of the policy?
(b) What is the appraised value of the building? Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...