3- Hasan owns a small warehouse that is insured for $252,000 under a commercial property insurance policy. The policy contains a 90% coinsurance clause. The warehouse sustained a $50,000 loss because of a fire in a storage area. The value of the warehouse at the time of loss is $350,000. What will the insurer pay?
4- Noora has a major medical health insurance policy. The policy has a $500 calendar year deductible and a 20% coinsurance clause. Noora had a surgery on her shoulder that incurred a medical bill of $18,000. How much will Noora pay?
5- Jasim owns a commercial office building that is insured under three property insurance contracts. He has $150,000 of insurance from Company A, $300,000 from Company B, and $550,000 From Company C. Assume that a pro-rata liability provision appears in each contract. If a $200,000 loss occurs, how much will Jasim collect from each insurer?
6- Assume that a $320,000 liability claim is covered under three liability insurance contracts. Policy A has a $500,000 limit of coverage, Policy B has a $125,000 limit of coverage and Policy C has a $50,000 limit of coverage for the claim. The contracts provide for contribution by equal shares.
a. How much will each insurer contribute towards the claim?
b. If the claim was only $60,000, how much would each insurer pay?