R lives in a small rural town and bought a home a few years ago for $75,000. If the home were completely destroyed it would cost $150,000 to rebuild. Since R would probably replace this home by buying another home in town for $80,000, that is the price R wants to insure the current home for. This method of insuring the home is known as:

Insurance

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R lives in a small rural town and bought a home a few years ago for $75,000. If the home were completely destroyed it would cost $150,000 to rebuild. Since R would probably replace this home by buying another home in town for $80,000, that is the price R wants to insure the current home for. This method of insuring the home is known as:

a. Functional Replacement Cost

b. Market Value

c. Replacement Cost

d. Actual Cash Value

Answer: B

You should now have gotten the answer to your question “R lives in a small rural town and bought a home a few years ago for $75,000. If the home were completely destroyed it would cost $150,000 to rebuild. Since R would probably replace this home by buying another home in town for $80,000, that is the price R wants to insure the current home for. This method of insuring the home is known as:”, which was part of Insurance MCQs & Answers. Thanks for choosing us.