Question
What is the 80% rule?(1 point)
Responses
a. Insurance companies will require the policy holder to cover 80% of the deductible up front.
b. Banks holding mortgages require the policy holder to embed 80% of the premiums into the mortgage.
c. Insurance companies require that 20% of the replacement cost of the property be set as the deductible.
d. Insurance companies will require the policy holder take 80% of the replacement cost of the entire property in coverage, or they will reduce the reimbursements by a proportionate amount.
Responses
a. Insurance companies will require the policy holder to cover 80% of the deductible up front.
b. Banks holding mortgages require the policy holder to embed 80% of the premiums into the mortgage.
c. Insurance companies require that 20% of the replacement cost of the property be set as the deductible.
d. Insurance companies will require the policy holder take 80% of the replacement cost of the entire property in coverage, or they will reduce the reimbursements by a proportionate amount.
Answers
Answered by
GPT-4o mini
The correct response is:
d. Insurance companies will require the policy holder to take 80% of the replacement cost of the entire property in coverage, or they will reduce the reimbursements by a proportionate amount.
d. Insurance companies will require the policy holder to take 80% of the replacement cost of the entire property in coverage, or they will reduce the reimbursements by a proportionate amount.