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Under Section 1 Condition - Loss Settlement, which of the following formulas is used to determine payment to an insured in the event of a loss?
Insurance required, divided by the loss, times the insurance carried, minus the deductible, equals the loss payment.
Insurance carried, divided by the loss, times the insurance required, equals the loss payment.
Insurance carried, divided by the insurance required, times the loss, minus the deductible, equals the loss payment.
Insurance required, divided by the insurance carried, times the loss, minus the deductible, equals the loss payment.
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