20. When does Penalty arise in Co-Insurance?
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The coinsurance formula is applied when a property owner fails to maintain coverage of at least 80% of the home's replacement value. If a property owner insures for less than the amount required by the coinsurance clause, they are essentially agreeing to retain part of the risk.
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Answer:
The coinsurance formula is applied when a property owner fails to maintain coverage of at least 80% of the home's replacement value. If a property owner insures for less than the amount required by the coinsurance clause, they are essentially agreeing to retain part of the risk.
Explanation:
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