1. How much would the insurance reimbursement be for a television system damaged by fire if it was purchased 2 years ago for $6,000 and has a life expectancy of 5 years?
2. A storm causes $25,000 in damages to a house that is insured for $180,000; the replacement value of the house is estimated at $250,000. The policy requires a $1,500 deductible.