Which of the following statements is (are) true concerning the value reporting form?

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Which of the following statements is (are) true concerning the value reporting form?

I. Failure to report accurately suspends coverage.
II. If the insurer is able to prove that business personal property, including inventory, was under-reported before a loss, recovery is limited to the proportion that the last value reported bears to the value that should have been reported.

A) I only
B) II only
C) Both I and II
D) Neither I nor II

Answer: B

Commercial Property Insurance

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