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16 May, 06:03

Tim owes Visa $800 on a credit card bill. Visa purchased a fire insurance policy covering Tim's home. If Tim's home is destroyed by fire, how much will Visa be able to collect from the Insurer?

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  1. 16 May, 06:33
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    Answer: $800 or Above $800

    Explanation: Visa will only be indemnified based on the total damage the fire caused, because in property insurance no one knows the extent of a damage initially untill the loss occurs then they make use of loss adjusters and surveyors to know the extent and amount of claim payable.

    However, this is a third party insurance and idemnity will pay paid by the insurer based on the insurance policy Visa wrote.

    Logically, it can not be less than $800, because Visa wanted to safeguard her money that is why she initiated the policy.
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Home » Business » Tim owes Visa $800 on a credit card bill. Visa purchased a fire insurance policy covering Tim's home. If Tim's home is destroyed by fire, how much will Visa be able to collect from the Insurer?
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