Multiple choice

When a surveyor finds that a vehicle is beyond repairs, he negotiates with the insured to assess the loss on ___________

  1. total loss basis

  2. total profit basis

  3. loss claim

  4. market value
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A Correct answer
Explanation

Whenever a surveyor finds that a vehicle is either beyond repairs or the repairs are not on an economic proposition, he negotiates with the insured to assess the loss on a total loss basis - for a reasonable sum representing the market value of the vehicle immediately prior to the loss.

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