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What is the amount recoverable from the insurance company

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Problem 1: A building was purchased for $350,000 and insured under a $300,000 fire insurance policy containing an 80% coinsurance clause. Several years later, the building, having a fair market value of $500,000, sustained fire damage of $40,000. What is the amount recoverable from the insurance company?

A. $28,000

B. $30,000

C. $32,000

D. $40,000

Reference no: EM132842468

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