Question: Question 4. Define the functional replacement cost coverage. Question 5: Consider a home with a replacement cost of 220,000. Calculate the annual premium if

Question 4. Define the "functional replacement cost coverage". Question 5: Consider a home with a replacement cost of 220,000. Calculate the annual premium if the insurer charges a rate equal to 0.003. Question 6: What is an umbrella policy? Explain. Question 7: What does NFIP do?

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