Which term refers to the amount paid by the insurer for a total loss?

The term that refers to the amount paid by the insurer for a total loss is "Settled Value." In the context of insurance, when a total loss occurs, the settled value represents the final determination of how much the insurer will pay out to the policyholder. This amount is typically based on the terms of the insurance policy, which may take into account factors such as depreciation, market conditions, and the agreed-upon coverage limits.

In cases of total loss, insurers often rely on the concept of settled value to ensure that policyholders are compensated fairly in relation to the loss incurred. This process involves assessing the value of the insured property and determining the compensation that reflects that loss, based on the policy terms.

While "Market Value," "Appraised Value," and "Replacement Value" are all related concepts in insurance, they differ from settled value in specific ways. Market value refers to the price the property would likely sell for in the current market, whereas appraised value is determined by a professional appraisal based on various factors such as condition and location. Replacement value, on the other hand, is what it would cost to replace the property with a new equivalent. These terms can inform the settled value but do not necessarily represent the payout in the event of