The Insurance Check Was Issued. Why Can’t the Insured Use the Money?
A claim payment recorded as issued is not necessarily money available for repairs. Follow the check, payees, lender controls, and conditional benefits.
recoverable depreciation
Actual cash value, replacement cost, and depreciation on a contents claim
The two-payment structure Contents claims are settled in two stages more often than policyholders expect, and the second stage is where money can be left behind. Understanding how actual cash value, replacement cost, and depreciation interact is the difference between collecting the full benefit the policy provides and quietly abandoning part of it. Carriers commonly … Read more