when purchasing a home in colorado last year, trey paid $550,000. when he tried to insure the house for this amount, the insurance company informed him that the most he could get insurance for was $360,000 of the purchase price. the property the house was located on was worth the $190,000 difference. the insurance company assumed that even if the home burned to the ground, the property would still be good to rebuild on. this situation follows the premise of

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06-12-2022
Business

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when purchasing a home in colorado last year, trey paid $550,000. when he tried to insure the house for this amount, the insurance company informed him that the most he could get insurance for was $360,000 of the purchase price. the property the house was located on was worth the $190,000 difference. the insurance company assumed that even if the home burned to the ground, the property would still be good to rebuild on. this situation follows the premise of

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-12-09T06:34:38+01:00

Though the price of the house is $550,000, and insurance was the done for $360,000, the difference in $190,000, is for speculative risk.

Insurance is a legal agreement, evidenced by a policy, whereby a client receives financial stability or compensation from such an insurance provider against losses. In order to make payment to a insured less manageable, the company pools the risks of its clients.

Insurance policies are aimed to safeguard against the possibility of monetary losses, large and little, that may have been brought on by harm to a insured or their possessions or by liability for harm or injury given to a third party. There are many different kinds of insurance policies accessible, and just about any person or organization can locate an insurance firm that will insure them—for a fee, of course). Car, health, home, and insurance are most popular categories of personal insurance plans.

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