What Is the Effect of an Appraisal Clause in a Policy

question 52

Essay

What is the effect of an appraisal clause in a policy of insurance,and how do these usually work?

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Definitions:

U.S. GDP

U.S. Gross Domestic Product reflects the total monetary or market value of all the finished goods and services produced within the United States' borders in a specific time period.

Income Inelastic

A characteristic of a good whose demand does not significantly change as the income of consumers changes.

Price Inelastic

Describes a situation in which the demand for a good or service is relatively unresponsive to changes in price.

Price Inelastic

Describes a situation where the quantity demanded of a good does not significantly change when its price changes.