Common Policy Provisions

A building where there is furniture but there are NO people in there is considered:

The amount of a loss (retention) the insured MUST bear before the company pays a claim is:

Coinsurance ONLY applies to:

The coinsurance clause states that if the insured carries a certain percentage of insurance, the insurance company will pay 100% of ALL partial losses subject to valuation and deductible. What is the usual percentage?

Steven insures his $200,000 building for $120,000. He suffers a loss of $20,000 and his insurance policy has an 80% coinsurance clause with a $1,000 deductible. How much does Steven receive for his loss?