Find the amount paid by each of the multiple carriers.
-The Robins Furniture Company had an insured fire loss of $191,000. It had insurance coverage as follows: Company A, $475,000; Company B, $325,000; and Company C, $175,000. Find the amount paid by each carrier assuming that the coinsurance requirement had been met.

Question

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The total insurance coverage is $475,000 (Company A) + $325,000 (Company B) + $175,000 (Company C) = $975,000. The loss is $191,000. Each company pays a portion of the loss based on its share of the total insurance coverage. Company A's share is $475,000 / $975,000 = 48.72%, Company B's share is $325,000 / $975,000 = 33.33%, and Company C's share is $175,000 / $975,000 = 17.95%. Therefore, Company A pays 48.72% of $191,000 = $93,051.28, Company B pays 33.33% of $191,000 = $63,666.67, and Company C pays 17.95% of $191,000 = $34,282.05.

Find the Amount Paid by Each of the Multiple Carriers