Michelle Homeowner Policy
Michelle purchased a Homeowners HO-03 policy with no special endorsements to cover her home and personal property. A fire occurred and destroyed a big-screen television. Michelle paid $4,000 for the TV, which had an actual cash value at the time of the loss of $3,000 at the time of the fire. A replacement TV would cost $3,800. Ignoring any deductible, how much will Michelle collect for the loss of the TV? Explain your answer.
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