A property insurance policy that is not subject to any coinsurance requirements but has a set amount of insurance scheduled for the property would use Stated amount as loss valuation method.
What is the stated amount in property insurance?
With stated value insurance, the most that can be paid to the policyholder in the event of a covered loss is the sum that was "stated" by the insured (you) at the time the policy was bought.
You and your carrier will decide on the maximum amount, or cap, that will be paid when you buy a stated value insurance policy.
In the event of a total loss, the policy may pay the stated value, the actual cash value, or, if the car is repairable, the repair expenses.
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