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Jim Leary insured his bookstore with a fire insurance policy of $90,000 at a cost of $0.58 per $100. Eight months later, his insurance company canceled the policy because of failure to correct a fire hazard. What did Jim have to pay for the eight months of coverage?
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Question & Answer: Jim Leary insured his bookstore with a fire insurance policy of $90,000 at a cost of $0.58 per $100. Eight months…..
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| Amount to be paid for the eight months of coverage =90000/100*0.58/12*8= 348 |
