The Appraisal Provision in the Personal Auto Policy Is Used

question 39

Multiple Choice

The appraisal provision in the Personal Auto Policy is used to determine the

• A)value of a loss payable under property damage liability.
• B)amount paid for a physical damage loss to the insured's auto if the insured and insurer disagree.
• C)amount of auto insurance that should be purchased for an older/antique car.
• D)value of the loss payable under the medical payments coverage.

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Definitions:

Restocked Inventory

Inventory items that have been replenished or added to, typically after being sold or used up.

Total Carrying Costs

The sum of all expenses associated with holding a particular investment or inventory, including storage, interest, depreciation, and insurance.

Discounted Price

A reduced price below the original mark-up, often to encourage purchase or clear inventory.

Credit Terms

Conditions under which credit is extended by a lender to a borrower, including repayment terms and interest rates.