Paperwork filed with an insurance company in order to get them to cover a loss for someone they insureAppraisalClaim

The insured person must prepare a report, outlining full details of the loss including all items destroyed, damaged, or stolen and their actual cash value, within...*1 point24 hours1 week60 days180 days

Applies to the amount of protection you have through an insurance company in the event of a lossCoveragePremium

What happens if the insured tenant and the insurance company fail to agree on the amount of loss?*1 pointEither the tenant or the company can request an appraisal, so that an impartial third party determines the amount of lossThe insurance policy becomes null and voidThe insurance company is forced to pay the current online market price for the itemThe landlord or owner of the building must make up the difference in the disputed value

Which party is responsible for assessing and verifying claims before settlement?Insurance agentPolicyholderUnderwriterClaims adjuster

From the following information, calculate the amount of claim for loss of stock with Insurance CompanyB Ltd:Particulars Amount (`)Purchase for the year 2021 9,15,000Sales for the year 2021 12,00,000Purchase from 1.1.2022 to 30.6.2022 8,00,000Sales from 1.1.2012 to 30.6.2022 9,90,000Stock on 1.1.2021 1,35,000Stock on 1.1.2022 1,50,000You are informed that:(i) In 2022, the purchase prices raised by 20% above the level prevailing in 2021.(ii) In 2022, the selling prices hiked by 10% over the level prevailing in 2021.(iii) Salvaged value of stock `20,000.(iv) Fire insurance policy for `1,48,750 to cover the loss of stock by fire