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61) SLM Instruments owns a class B building with a replacement cost of
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# 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

## Solution 5 (1 Ratings )

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