Types of Insurers and Marketing Systems

Julia owns a building worth $800,000. She insures the building for $300,000 with Company A, $400,000 with Company B, and $100,000 with Company C. There is a fire, and the building sustains $100,000 in damage.

• How much will Julia collect in insurance?
• How much will each company pay?
• What insurance term describes this situation?
• What is its purpose?

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