Judy Purchased a Property and Built a Building on It

question 35

Essay

Judy purchased a property and built a building on it at a cost of $200,000. She purchased fire insurance on the building in the sum of $150,000. A fire caused $150,000 damage to the building. Under normal circumstances would Judy be able to recover the full amount of the loss? Give reasons for your answer.

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Definitions:

Invention

The creation of a new product, process, or idea that did not exist before.

Technological Advance

The introduction of new technologies or the improvement of existing ones, leading to more efficient production processes or better products.

Invention

An invention is the creation of a new product, process, or idea that has not been made before, offering novel solutions to problems.

Innovation

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.