MI Public Adjuster Practice Questions - Michigan Public Adjuster Exam

A Michigan homeowner has a policy with replacement cost coverage. What are the two stages of payment?

Full payment is made in one lump sum First, the insurer pays the actual cash value (ACV); then, after repairs are completed, the insured can claim the recoverable depreciation to receive the full replacement cost Half is paid at filing and half at settlement Payment is made in quarterly installments

Correct Answer:

First, the insurer pays the actual cash value (ACV); then, after repairs are completed, the insured can claim the recoverable depreciation to receive the full replacement cost

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