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Lisa and Eric were notified that replacement cost coverage is in effect on a home​ owner's policy only if the home is insured for at least​ 80% of its replacement cost. This provision is known as theA) Replacement Cost Rule. B) 80 Percent Rule. C) Replacement Cost Provision. D) none of the above.

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Answer:

The correct answer is letter "B": 80 Percent Rule.

Explanation:

The Pareto Principle -also known as the 80-20 rule- states that 80% of the results are attributable to 20% of the causes. It is a guide that helps people to focus their efforts on the 20% that is important knowing the other 80% is of minor consequence. The Pareto Principle was developed by 20th-century business scholar Joseph Juran (1904-2008) who named the rule after Italian economist Vilfredo Pareto.

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