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Mike has a homeowner insurance policy for his house. He purchased an insurance policy for the house with a face value of $200,000. The policy contains an 85 percent coinsurance clause. One day, there was a fire in Mike’s house, causing damage to the house worth $80,000. At the time of the fire, the actual value of the house was $280,000. a- Did Mike meet the coinsurance requirement? Explain how you came to this answer. (1 mark) b- How much will Mike receive from the insurance company? Show your work. (3 marks) c- How much of the loss, if any, will Mike have to cover on his own? Show your work.
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