Collin Insures His Building for $250,000

question 31

Multiple Choice

Collin insures his building for $250,000.At the time of loss,the property is valued at $220,000.Under:

• A)an open policy, Collin would recover $220,000.
• B)an open policy, Collin would recover $250,000.
• C)a valued policy, Collin would recover $220,000.
• D)Both (a) and (c).
• E)Both (b) and (c).

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Definitions:

Structure

The arrangement of and relations between the parts or elements of something complex.

Vapor

Gaseous phase of a substance that is generally a liquid or solid at room temperature.

Solute

A substance dissolved in another substance, typically the component of a solution present in the lesser amount.