The insured is involved in a serious accident and the estimated vehicle loss/damage was R620 000. The vehicle was insured for R850 000.Following inspection, the assessor found that it should have been insured for R1 000 000. Assuming that the claim is accepted by the insurer,choose the correct statement?

Question

Answer

Average is applicable, the amount payable R527 000.

Answer

Maximum payable would be the sum insured of R850 000.

Answer

R1 000 000, provided the insured pays the additional premium.

Answer

Market value would be payable, which is R1 000 000.

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The insured is involved in a serious accident and the estimated vehicle loss/dam...

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