This thread piqued my interest, so I called my State Farm agent, and they use "Stated Amount" for what sounds like people are using "Agreed Amount." I was told that, in the case of a total loss, I would receive what we "Stated" we paid when we created the policy, which is essentially retail. The same applies to both my boat and jetski.
Cars, she said, are different and are "Actual Cash Value" unless insuring a "classic" or "special" car, in which case a survey would need to be completed to come up with an official value.
In all cases, she'd expect, as I think most of us would, notification from the company both in terms of initial policy info, i.e. that a periodic adjustment would take place, and at the time of adjustment.
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