A homeowner insured a house for $150,000 for one year at a premium rate of $5.00 per thousand. The homeowner canceled the policy during the year. The insurance company has a penalty of 15% for short-rate refunds. Compute the amount of the penalty.

Question

A homeowner insured a house for $150,000 for one year at a premium rate of $5.00 per thousand. The homeowner canceled the policy during the year. The insurance company has a penalty of 15% for short-rate refunds. Compute the amount of the penalty.​

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The Answer of A homeowner insured a house for $150,000 for one year at a premium rate of $5.00 per thousand. The homeowner canceled the policy during the year. The insurance company has a penalty of 15% for short-rate refunds. Compute the amount of the penalty.​

A Homeowner Insured a House for $150,000 for One Year