Question

When the amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covered loss, the coverage is said to be written as?

Answer 1

When the amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covered loss, the coverage is said to be written as stated amount.

What is stated amount?

A stated amount is the value or amount the owner of a property gives as the worth of the property.  This can be for your vehicle and it is provided to the insurer.

The stated amount is given for insurance to show the worth of a property that is insured.

Insurance helps to prevent total loss on a property incase of some unforeseen circumstance.

Therefore, When the amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covered loss, the coverage is said to be written as stated amount.

Learn more on stated amount below

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