Riverside Roller Skating Had Property Valued at $435,000 and Insured

question 23

Short Answer

Riverside Roller Skating had property valued at $435,000 and insured for $225,000. The fire insurance policy contained an 80% coinsurance clause. What was the coverage ratio? (Round to the nearest tenth of a percent)

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Definitions:

Express Warranty

A clearly stated or written guarantee made by a seller about the quality or performance of a product, which becomes part of the contract.

Samples

Samples are small portions or examples of a product provided to consumers for the purpose of testing quality, functionality, or performance before making a purchase.

Implied Warranty

A legal assurance that a product will meet a minimum level of quality and functionality without being explicitly stated in a contract.

Particular Purpose

Refers specifically to the intended use or requirement for which something is sought or required, often in a legal or contractual context.