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Question
In 2001, Tom purchased a home with a fair market value of $100,000. At the same time, he also purchased a valued policy with a face amount of $100,000 to insure the house against various risks, including fire. In 2002, the house was destroyed by fire. The fair market value of the house at the time of the fire was $150,000. What is Tom entitled to under the policy?
A. $100,000
B. $150,000
C. $250,000
D. Nothing
Answer
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