Q91
_________ is the maximum amount an insurance company will pay if an insured asset is deemed a total loss.
A.
Insurance value
AnswerB.
Actual value
C.
Replacement value
D.
Guaranteed Replacement Cost
Answer: Option A
Solution
Answer: Option A
Solution:
Insurance value is the maximum amount an insurance company will pay if an insured asset is deemed a total loss. It is the maximum amount an insurance company will pay if an insured asset is deemed a total loss. The asset's insured value can either be its replacement cost or its market value, depending on the insurance policy.