Question: % % % % % % % If the homeowner's policy covers 6 0 % of the replacement cost and the actual cash value of

%%%%%%%
If the homeowner's policy covers 60% of the replacement cost and the actual cash value of the loss is $14,000, what would be the amount of recovery if the repair costs amount to $26,000?
Actual cash value: $14,000
Repair costs: $26,000
Coverage percentage: 60%
Replacement cost: ?
Amount of recovery: ?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!