Fifteen-year-old Ito and his father are in an electronics st…

Fifteen-year-old Ito and his father are in an electronics store looking at video game systems. Ito gives his father a complete breakdown of the pros and cons of each of the different video game systems on display. According to research on encoding processes, Ito is able to accurately recall all this information because he…

Frank, Mary and Sally recently purchased a building together…

Frank, Mary and Sally recently purchased a building together . Frank purchased $100,000 of insurance on the building, Mary purchased $50,000 of insurance and Sally purchased $150,000 of insurance. All three of the BPP insurance policies have identical terms, conditions and provisions (i.e. no excess or primary specifications), and each contained an “other-insurance” clause found in the ISO Commercial Property Conditions form. The day after they purchased their BPP insurance policies, a covered loss caused $15,000 in damage to the building. How much of the loss did Frank’s  insurance company pay? (Ignore deductible and coinsurance provisions.)