David has a Homeowners 3 policy that provides $280,000 of insurance on his dwelling, which has a
Question:
David has a Homeowners 3 policy that provides $280,000 of insurance on his dwelling, which has a current replacement value of $400,000. Ignoring any deductible, how much will David collect if a kitchen with a replacement value of $24,000 but an actual cash value of $18,000 is destroyed in a fire?
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To determine how much David will collect in this scenario we need to consider his Homeowners 3 polic...View the full answer
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Ashok Kumar Malhotra
Chartered Accountant - Accounting and Management Accounting for 15 years.
QuickBooks Online - Certified ProAdvisor (Advance - QuickBooks Online for 3 years.
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Related Book For 
Principles Of Risk Management And Insurance
ISBN: 9781292151076
13th Global Edition
Authors: George E. Rejda, Michael J. McNamara
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