Smith Owned a Concrete Block Building Valued at $200,000

question 38

True/False

Smith owned a concrete block building valued at $200,000.Because it was virtually fireproof,he insured it for only $100,000 under a policy of insurance,which contained an 80 percent co-insurance clause.Some time later,the building was damaged by fire.
-Smith's failure to disclose the true value of the property to the insurer is misrepresentation,and would allow the insurer to avoid paying anything to Smith when the loss occurred.

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