Find the following: (Round your answer to the nearest cent.) Value of Property Amount of Insurance Kind of Policy Actual Fire Loss Amount Insurance Company will Pay $300,000 $200,000 80% Coins. $160,000

Find the following: (Round your answer to the nearest cent.) Value of Property Amount of Insurance Kind of Policy Actual Fire Loss Amount Insurance Company will Pay $300,000 $200,000 80% Coins. $160,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 9EA: If you invest $12,000 today, how much will you have in (for further Instructions on future value in...

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Concept explainers

Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.

Question

Find the following: (Round your answer to the nearest cent.)

Value of Property	Amount of Insurance	Kind of Policy	Actual Fire Loss	Amount Insurance Company will Pay
$300,000	$200,000	80% Coins.	$160,000

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