Jims house was damaged when lightning struck his roof. The cost to fix the home

Question

Jims house was damaged when lightning struck his roof. The cost to fix the home will be 30,000. He carries an HO-3 Policy with a $500 deductible. If the home is insured for $200,000 and the replacement value is $180,000, how much will jim’s reimbursement from the insurance company be?

Victor has a $10,000 cash value policy purchased 15 years ago when he was 25 years old. The policy will be paid at age 65. Using a table find the cash value of the insurance policy, explain the other two options available for victor

Explanation / Answer

jim's reimbursement from the insurance company will be $30,000 which is the cost to fix..

The whole will not be reimbursed.

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