Loss Settlement Amount
Definition of "Loss settlement amount"
In homeowners insurance, usually an 80% coinsurance requirement, which means the insured must carry insurance on the value of a home on a replacement cost basis of at least 80%. For example, a home is worth $200,000, and a fire does $50,000 damage. If there is $150,000 of insurance, it may appear that the insured would be reimbursed for the total loss.
Popular Insurance Terms
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Annuity contract. If the annuitant dies before receiving income at least equal to the premiums paid, a beneficiary receives the difference in installments. If the annuitant lives after the ...
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