Settlement Options, Property And Casualty Insurance

Definition of "Settlement options, property and casualty insurance"

S. Jay Siegall real estate agent
S. Jay Siegall, Real Estate Agent SUN Realty USA

Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: make a cash payment; take possession of damaged or destroyed property and replace it with property of like kind and quality; or repair the property so that it is restored to its structural condition prior to the loss, and return the repaired property to the insured. Usually insurance companies settle losses by a cash payment to the insured.

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