On April 2,1987,Ritz Corp

question 78

Multiple Choice

On April 2,1987,Ritz Corp.purchased a warehouse that it insured for $500,000.The policy contained a 75% coinsurance clause.On April 25,1988,a fire caused $900,000 damage to the warehouse.The fair market value of the warehouse was $800,000 on April 2,1987,and $1 million on April 25,1988.Ritz is entitled to receive insurance proceeds of,at most,

• A)$375,000
• B)$500,000
• C)$600,000
• D)$750,000

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