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Find the total annual premium. Use the fire insurance rate table

Question : Find the total annual premium. Use the fire insurance rate table : 2139072

Find the total annual premium. Use the fire insurance rate table. Rates are for each $100 of insurance.

51)

Area Rating:

2

Building Classification:

C

Building Value:

$ 512,000

Contents Value:

$ 101,600

 

A) $ 4,388.64

B) $ 3,526.80

C) $ 2,862.80

D) $ 4,038.40

Find the amount to be paid by the insurance company. Assume the policy includes an 80% coinsurance clause. Round to the nearest dollar.

52)

Replacement Cost of Building:

$ 340,000

Face Value of Policy:

$ 306,000

Amount of Loss:

$ 2,500

 

A) $ 2,222

B) $ 2,500

C) $ 2,813

D) $ 2,000

53)

Replacement Cost of Building:

$ 367,000

Face Value of Policy:

$ 257,000

Amount of Loss:

$ 2,200

 

A) $ 1,926

B) $ 1,760

C) $ 2,514

D) $ 2,200

54)

Replacement Cost of Building:

$ 760,000

Face Value of Policy:

$ 507,000

Amount of Loss:

$ 57,000

 

A) $ 57,000

B) $ 47,531

C) $ 45,600

D) $ 38,000

55)

Replacement Cost of Building:

$ 50,000

Face Value of Policy:

$ 30,000

Amount of Loss:

$ 2,800

 

A) $ 2,800

B) $ 2,100

C) $ 2,240

D) $ 1,680

56)

Replacement Cost of Building:

$ 982,000

Face Value of Policy:

$ 589,200

Amount of Loss:

$ 197,000

 

A) $ 147,750.00

B) $ 73,875.00

C) $ 197,000.00

D) $ 118,200.00

Find the amount paid by each insurance company. Assume that any coinsurance requirement is met.

57)

Insurance loss:

$ 10,000

Company A coverage:

$ 84,000

Company B coverage:

$ 28,000

 

A) A pays: $ 7,200

B pays: $ 2,800

B) A pays: $ 7,500

B pays: $ 2,500

C) A pays: $ 10,000

B pays: $0

D) A pays: $ 8,400

B pays: $ 1,600

58)

Insurance loss:

$ 32,000

Company A coverage:

$ 160,000

Company B coverage:

$ 40,000

 

A) A pays: $ 32,000

B pays: $0

B) A pays: $ 16,000

B pays: $ 16,000

C) A pays: $ 24,000

B pays: $ 8,000

D) A pays: $ 25,600

B pays: $ 6,400

59)

Insurance loss:

$ 15,000

Company A coverage:

$ 90,000

Company B coverage:

$ 10,000

 

A) A pays: $ 15,000

B pays: $0

B) A pays: $ 11,250

B pays: $ 3,750

C) A pays: $ 7,500

B pays: $ 7,500

D) A pays: $ 13,500

B pays: $ 1,500

60)

Insurance loss:

$ 102,000

Company A coverage:

$ 400,000

Company B coverage:

$ 50,000

Company C coverage:

$50,000

 

A) A pays: $ 102,000

B pays: $0

C pays: $0

B) A pays: $ 51,000

B pays: $ 34,000

C pays: $ 17,000

C) A pays: $ 34,000

B pays: $ 34,000

C pays: $ 34,000

D) A pays: $ 81,600

B pays: $ 10,200

C pays: $ 10,200

Solution
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