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Question
Elvisco, Inc. owns the building that houses its business. Elvisco obtained a property insurance policy on the building from Graceland Mutual Insurance Co. The policy, whose face amount was $200,000, contained a 75 percent coinsurance clause. The building had a fair market value of $400,000. While the policy was in effect, the covered peril of fire caused $90,000 of damage to the building. Elvisco has filed a claim and proof of loss with Graceland Mutual. How much is Graceland Mutual obligated to pay Elvisco?
A. $90,000
B. $60,000
C. $30,000
D. Nothing
Answer
This answer is hidden. It contains 186 characters.
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