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How much will julia collect in insurance

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Reference no: EM133119993

Julia owns a building worth $800,000. She insures the building for $300,000 with Company A, $400,000 with Company B, and $100,000 with Company C. There is a fire, and the building sustains $100,000 in damage.

-How much will Julia collect in insurance?

-How much will each company pay?

-What insurance term describes this situation?

-What is its purpose?

Reference no: EM133119993

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