In 2001,Tom Purchased a Home with a Fair Market Value

question 80

Multiple Choice

In 2001,Tom purchased a home with a fair market value of $100,000.At the same time,he also purchased a valued policy with a face amount of $100,000 to insure the house against various risks,including fire.In 2002,the house was destroyed by fire.The fair market value of the house at the time of the fire was $150,000.What is Tom entitled to under the policy?

• A)$100,000
• B)$150,000
• C)$250,000
• D)Nothing

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Definitions:

Stone's Footnote 4

A famous footnote in United States constitutional law, highlighting circumstances under which courts may have an enhanced duty to scrutinize legislation.

Carolene Products Co.

A landmark U.S. Supreme Court case notable for its Footnote Four, which suggested that certain cases, particularly those involving civil rights and liberties, should be given more exacting judicial scrutiny.

Brandenburg v. Ohio

A 1969 Supreme Court decision that established the government cannot punish inflammatory speech unless that speech is likely to incite imminent lawless action.

Supreme Court

The highest federal court in the United States, with ultimate appellate jurisdiction over all federal and state court cases involving issues of federal law.