Florida Valued Policy Law requires payment of what amount on a total loss?

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Multiple Choice

Florida Valued Policy Law requires payment of what amount on a total loss?

Explanation:
Florida Valued Policy Law states that when the entire insured property is totally destroyed, the insurer must pay the face amount of the policy—the policy limit. This guarantees a full payout regardless of depreciation or what the actual cash value might be. So the amount received is the policy limit, not the depreciated value, ACV, or replacement cost.

Florida Valued Policy Law states that when the entire insured property is totally destroyed, the insurer must pay the face amount of the policy—the policy limit. This guarantees a full payout regardless of depreciation or what the actual cash value might be. So the amount received is the policy limit, not the depreciated value, ACV, or replacement cost.

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