John Biner's roof was totally ruined by a fire.The insurance company estimates that the cost of building a new roof is $10,000.It also estimates that roofs like this are expected to last 20 years.The existing roof had been in place for five years.Given this information,the replacement cost is
A) $500.
B) $2,500.
C) $7,500.
D) $10,000.
Correct Answer:
Verified
Q18: When insureds engage in a pooling of
Q19: We buy life insurance in order to
Q20: Property loss insurance provides protection from all
Q21: The mortgage clause on a homeowners insurance
Q22: Deductibles serve to
A)enhance the profits of the
Q24: Under most homeowners' policies compensation for structural
Q25: The mortgage clause
A)ensures that the lender receives
Q26: An inflation guard endorsement on a homeowner's
Q27: The amount of damages you agree to
Q28: Actual cash value is equal to
A)replacement cost
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents