State True or False: The value of insured property is called policy value

Answer

To determine whether the statement "The value of insured property is called policy value" is true or false, we can break down the terms involved.

### Step 1: Define Insured Property
- **Insured Property**: This refers to the property that is covered by an insurance policy. It can be anything from a house, car, or any valuable asset that one wishes to protect against loss or damage.

**Hint**: Remember that insured property is the actual item or asset that is being protected by insurance.

### Step 2: Define Policy Value
- **Policy Value**: This term generally refers to the monetary value of the insurance policy itself, which is determined by the coverage amount and the premiums paid. It is not the same as the value of the property being insured.

**Hint**: Think of policy value as the financial aspect of the insurance agreement rather than the value of the item being insured.

### Step 3: Compare the Definitions
- Now that we have defined both terms, we can see that the value of the insured property is not the same as the policy value. The insured property has its own intrinsic value, while the policy value refers to the value of the insurance coverage.

**Hint**: Consider how insurance works; the policy value is what you are paying for, not the value of what you are insuring.

### Conclusion
- Based on the definitions and comparisons, the statement "The value of insured property is called policy value" is **False**.

**Final Answer**: False