Colibri Nj Real Estate Comprehensive Test Bank Final Exam 2024-2025 With Study Guide \118 Updated Questions And Verified

COL=BR= NH REAL ESTATE COMPRE:ENS=VE TEST BANK F=NAL EXAM 2024-2025 W=T: STUDY GU=DE \\118 UPDATED QUEST=ONS AND VER=F=ED ANSWERS ALREADY GRADED A+ The Roberts carry a property insurance policy that covers 70 % of the replacement cost of their insurable property, valued at $ 360,000 They have an 80 % co-insurance requirement in the policy. =f the family incurs a $ 290,000 loss, what amount will the Roberts recover? Coinsurance is a requirement by the insurance company that the property be insured to the appropriate value . There is a penalty for not complying with this requirement. =n this problem the property was insured for 70 % while the Coinsurance requirement was 80 %. To calculate the penalty figure. Both numbers and and ther then divide to calculate the payment ratio. $ 290,000 x .70 = $ 203,000 . $ 290,000 x .80=$ 232,000 . $203,000 / 232,000 = 87.5 % $ 290,000 x .875 = $ 253,750 recovered rather than $ 288,000 ( 80 % x $ 360,000 value ) . All six members of the Georgia Real Estate Commission are appointed by The Governor of Georgia :ow many commission members must be licensedFive of the six members of