Value Reporting Form

Definition

  • A form used by businesses with constantly changing inventories to determine their current inventory value. When used with a variable coverage policy, a value reporting form is regularly submitted to the insurer so that coverage can be easily adjusted to reflect the company's current inventory, and this ensures that the business is never over or underinsured.

Synonyms
current inventory reporting form, warehouse audit, inventory value report

Related Terms and Acronyms

  • Claims Adjuster Definition,
    • An individual who ascertains the insurer's liability after an insurance claim has been made.
  • First Loss Insurance Policy Definition,
    • An insurance policy where the policyholder under-insures their assets and will only receive partial coverage in the event of a loss.
  • Insurable Interest Definition,
    • Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.
  • Insurance Claim Definition,
    • An application for benefits made by an insurance policyholder after an insured event.
  • Inventory Definition,
    • Stock on hand in the form of goods ready for sale. Also includes raw material in the process of being manufactured or completed for sale.
  • Loss Settlement Amount Definition,
    • The percentage of damages an insurer is contractually obligated to pay for after a claim.
  • Underinsurance Definition,
    • When the amount of insurance coverage on an asset is less than the asset's full value.
  • Underinsured Motorist Coverage Definition,
    • Auto insurance that covers damages when the other driver in a collision is at fault but does not have sufficient insurance coverage.
  • Valuation Definition,
    • The process of finding the worth of an asset or business.
    • The estimation of a property's price value through an appraisal.
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