insured value
Definition
Amount for which an insurance cover is bought on a building, and the basis on which insurance premium is computed. According to the coinsurance clause, it must not be lower than a certain percentage (usually 80 percent) of the insurable value of the building to be able to claim a partial loss in full.
insured value is in the Accounting & Auditing and General, Marine, & Life Insurance subjects.
insured value appears in the definitions of the following terms: constructive total loss (CTL) and insurable value
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