Please help me understand this question?Kevin recently purchased a board form HO-2 policy with no deductible. The policy value is $174,000. A year later, his roof is damaged by vandalism and he suffers a loss of $139,200. If the replacement value of Kevin’s house is $290,000 and the insurance policy includes a replacement cost requirement of 80%, he will receive a reimbursement
Please help me understand this question?Kevin recently purchased a board form HO-2 policy with no deductible. The policy value is $174,000. A year later, his roof is damaged by vandalism and he suffers a loss of $139,200. If the replacement value of Kevin’s house is $290,000 and the insurance policy includes a replacement cost requirement of 80%, he will receive a reimbursement
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 23CE
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Please help me understand this question?Kevin recently purchased a board form HO-2 policy with no deductible. The policy value is $174,000. A year later, his roof is damaged by vandalism and he suffers a loss of $139,200.
If the replacement value of Kevin’s house is $290,000 and the insurance policy includes a replacement cost requirement of 80%, he will receive a reimbursement
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