Frank's property insurance requires periodic reporting of inventory values. Frank believes he can save money by under-reporting the inventory
Last period, Frank reported $200,000 when the value was really $400,000. Shortly after filing the report, when the value was $500,000, the inventory was destroyed. Ignoring any deductible, how much will Frank's insurer pay?
A) nothing, as underreporting voids coverage
B) $200,000
C) $250,000
D) $400,000
Answer: C
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