The Appraisal Procedure Set Forth in the HO Policy Is

question 11

True/False

The appraisal procedure set forth in the HO policy is designed to settle all disputes arising between insured and insurer without courtroom litigation.

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Definitions:

Merchandise

Goods or products that are bought and sold in any business activity.

LIFO

Last In, First Out, an inventory valuation method where the last items added to inventory are assumed to be the first sold.

Inventory Costing Methods

Techniques used to calculate the cost of inventory, including First-In, First-Out (FIFO), Last-In, First-Out (LIFO), and Average Cost methods.

Subsidiary Inventory Ledger

The subsidiary ledger containing individual accounts for items of inventory.