Jackson purchases an HO-3 policy with a Section I-Coverage A limit of $450,000 and $1,000 Section I
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Question:
Jackson purchases an HO-3 policy with a Section I-Coverage A limit of $450,000 and $1,000 Section I deductible, but no endorsements. The home has a replacement cost of $600,000. A fire causes damage to the roof, which will cost $40,000 to repair. The damaged roof had depreciated 30%. The fire also destroys his TV, which has replacement cost of $1,500, but has depreciated 25%. His pet snake, which he values at $2,300 is tragically cooked (killed), too.
How much will Jackson recover under his policy for each loss?
(1) roof; (2) couch; and (3) goldfish. Roof: $ TV: $ Snake: $
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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