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State Farm Property Exam Questions And Answers
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Question Number 10
What is stated amount coverage
In stated amt coverage the value of the insured property is determined at the time the policy is written. in the event of a loss, that amount is paid without regard to any coinsurance provision. However, if the loss is less than the total, the insurer has salvage rights with the insured having first right of refusal of the salvage.
✔ Correct Answer:
In stated amt coverage the value of the insured property is determined at the time the policy is written. in the event of a loss, that amount is paid without regard to any coinsurance provision. However, if the loss is less than the total, the insurer has salvage rights with the insured having first right of refusal of the salvage.
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