Question : 61) SLM Instruments owns a class B building with a replacement cost of : 2139073
Solve the problem. Use the fire insurance rate table if needed. Rates are for each $100 of insurance. Round to the nearest dollar.
61) SLM Instruments owns a class B building with a replacement cost of $60.,000 Contents are valued at $302,000 The area is rated 3. Find the fire insurance annual premium.
A) $ 5,243
B) $ 4,370
C) $ 5,063
D) $ 506
62) Laura Lee Candies owns a class A building with a replacement cost of $154,000 Contents are valued at $71,000. The area is rated 3. Find the fire insurance annual premium.
A) $ 971
B) $ 774
C) $ 896
D) $ 90
Solve the problem.
63) The Corner Cafe has a replacement cost of $ 232,000 and is insured for $ 174,000 with an 80% coinsurance clause. The building has a fire loss of $ 24,500. How much will the insurance company pay?
A) $ 27,563
B) $ 18,375
C) $ 22,969
D) $ 24,500
64) Pelican Lumber Company owns a building with a replacement cost of $738,000 which is insured for $531,360 with an 80% coinsurance clause. The building has a fire loss of $20,500. How much will the insurance company pay?
A) $ 18,450
B) $ 20,500
C) $ 14,760
D) $ 22,140
65) Haverty's Furniture owns a building with a replacement cost of $590,000 which is insured for $371,700 with an 80% coinsurance clause. The building has a fire loss of $20,500. How much will the insurance company pay?
A) $ 12,915
B) $ 16,144
C) $ 20,500
D) $ 19,373
66) Mark Stephens owns rental units with a replacement cost of $290,000 which are insured for $188,500 with an 80% coinsurance clause. There is a fire loss of $20,500. How much will the insurance company pay?
A) $ 20,500
B) $ 13,325
C) $ 16,656
D) $ 19,988
67) Custom Dry Cleaners owns a building with a replacement cost of $239,000 which is insured for $162,520 with an 80% coinsurance clause. The building has a fire loss of $10,100. How much will the insurance company pay?
A) $ 10,100
B) $ 6,868
C) $ 8,585
D) $ 10,302
68) The Midtown Deli building has a replacement cost of $86,000 and is insured for $60,200 It suffers a fire loss of $5,600 Find the amount of loss paid by the company. Assume an 80% coinsurance clause.
A) $ 4,900
B) $ 4,480
C) $ 3,733
D) $ 5,600
69) Golden Oaks Apartments has a replacement cost of $202,000 and is insured for $121,000 A fire loss is for $14,000 Find the amount of loss paid by the company. Assume an 80% coinsurance clause.
A) $ 14,000
B) $ 10,483
C) $ 8,400
D) $ 11,200
Find the amount paid by each of the multiple carriers.
70) The London Coat Company had an insured fire loss of $ 167,000. It had insurance coverage as follows: Company A, $500,000; Company B, $350,000; and Company C, $150,000. Find the amount paid by each carrier assuming that the coinsurance requirement had been met.
A) $ 79,325, $ 54,275, $ 33,400
B) $ 87,675, $ 50,100, $ 29,225
C) $ 91,850, $ 54,275, $ 20,875
D) $ 83,500, $ 58,450, $ 25,050
