​Garnet Corporation Insured a Building for $370,000 for One Year

question 45

Short Answer

​Garnet Corporation insured a building for $370,000 for one year at a premium rate of $6.50 per thousand. Three months later the Garnet Corporation sold the building and canceled the policy. The insurance company refunded the remaining three-quarters of the premium at the short-rate based on a penalty of 10% of the annual premium. Compute the amount the insurance company refunded.

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Definitions:

Safe Recipient List

A feature in email systems that allows users to specify email addresses that should not be treated as spam, ensuring their emails are always received.

Junk Email

Junk Email, also known as spam, refers to unsolicited and often irrelevant or inappropriate messages sent over email, typically in bulk to numerous recipients.

Email Addresses

The digital identification for sending and receiving emails on the internet, typically consisting of a user name and domain name.

Specify Exceptions

Defining cases or conditions that do not follow the general rules within a system's operations.