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Which of the Following Statements About the Appraisal Clause in the Homeowners

question 35

Multiple Choice

Which of the following statements about the appraisal clause in the Homeowners 3 policy is (are) true?
I.It is used to determine a value for personal property when the policy is issued.
II.It is used to help settle disputes over the amount of a loss after a loss has occurred.


Definitions:

Commodity Money

Money that takes the form of a commodity with intrinsic value

Fiat Money

Money without intrinsic value that is used as money by government decree

Money

The set of assets in an economy that people regularly use to buy goods and services from other people.

Wealth

The accumulation of valuable economic resources and assets, including property, investments, and cash, that an individual or entity possesses.

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