The Owner of Property Valued at $150,000 Insured the Property

question 24

Short Answer

The owner of property valued at $150,000 insured the property for $75,000 for one year at a premium rate of $4.90 per thousand. The policy carried a 75% coinsurance clause. A fire caused $56,250 in damages. Compute the amount the property insurance and repairs for fire damage cost the insured that year.​

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Definitions:

Declining Crime Rates

A decrease in the number of reported crimes over a specific period, often used as an indicator of societal safety and wellbeing.

Rehabilitation

The process of restoring someone to health or normal life through training and therapy after imprisonment, addiction, or illness.

Incarceration

The confinement of individuals in prisons or jails as punishment for committing crimes.

Youth Crime Rates

The frequency of crimes committed by individuals of a younger age group within a specified period and area.