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Problem 5 A company purchases a commercial insurance policy with a property policy limit of...

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Accounting

Problem 5 A company purchases a commercial insurance policy with a property policy limit of 70,000.

The actual value of the property at the time of a loss is 100,000. The insurance policy has a coinsurance provision of 80% and a 200 deductible, which is applied to the loss before the limit or coinsurance are applied. A storm causes damage in the amount of 20,000. Calculate the insurance companys payment

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