Max has a personal inland marine policy on which he has scheduled his gold watch for a value of $2,500. While golfing, he damaged the watch. The actual cash value of the watch at the time of the damage was $4,000. The cost to repair the watch to its prior condition is $1,500. The cost to replace the watch with a substantially identical replacement is $5,000. Which one of the following amounts will Max’s insurer pay for the covered loss?

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Max has a personal inland marine policy on which he has scheduled his gold watch for a value of $2,500. While golfing, he damaged the watch. The actual cash value of the watch at the time of the damage was $4,000. The cost to repair the watch to its prior condition is $1,500. The cost to replace the watch with a substantially identical replacement is $5,000. Which one of the following amounts will Max’s insurer pay for the covered loss?

A. $1,500

B. $2,500

C. $4,000

D. $5,000

Answer: A. $1,500 or the lowest rate

The above question Max has a personal inland marine policy on which he has scheduled his gold watch for a value of $2,500. While golfing, he damaged the watch. The actual cash value of the watch at the time of the damage was $4,000. The cost to repair the watch to its prior condition is $1,500. The cost to replace the watch with a substantially identical replacement is $5,000. Which one of the following amounts will Max’s insurer pay for the covered loss?, Was part of Insurance MCQs & Answers. I hope you got the correct answer to your question. Have a great time ahead.