What is a market value settlement?

A market value settlement is a settlement type for insurance claims in Arizona. It is a type of settlement where the insurer and claimant agree on a dollar amount that is equal to the market value of the property that was damaged or destroyed. Market value is the amount of money a piece of property would likely sell for in an open market, taking into account its current condition and depreciation. In a market value settlement, the insurer agrees to pay the claimant an amount that is equal to or higher than the market value of the damaged or destroyed property. The insurer may also agree to pay the claimant an amount that is equal to the actual cash value of the property at the time of the loss. This means that the insurer may use current costs or replacement costs to determine the amount that they will pay the claimant. In a market value settlement, the claimant accepts a one-time payment from the insurance company and forgoes any further claims related to the incident. The settlement can help to speed up the process and reduce legal fees associated with litigation. It also helps to reduce the amount that the insurer must pay, and if the settlement is accepted, the claimant gives up any right to dispute the settlement or seek further compensation from the insurer.

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What is a market value settlement?

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