Eden Orchards, the insured under a policy with Farm Insurance LLC, files a claim for a covered loss. The parties cannot agree on the amount of the loss. Under an appraisal clause, a. the loss will be appraised to the difference between the disputed values. b. the dispute will be submitted to an impartial third party for resolution. c. an estimate by an impartial, qualified third party can be demanded. d. the loss will be shared proportionately by the insurer and the insured

Answered: Eden Orchards, the insured under a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Eden Orchards, the insured under a policy with Farm Insurance LLC, files a claim for a covered loss. The parties cannot agree on the amount of the loss. Under an appraisal clause,

the loss will be appraised to the difference between the disputed values.

the dispute will be submitted to an impartial third party for resolution.

an estimate by an impartial, qualified third party can be demanded.

the loss will be shared proportionately by the insurer and the insured

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