The Philadelphia Art Museum is home to thousands of works of art. The Museum has insurance on each piece of art. Suppose a particular item were stolen. Which type of indemnification would the insurer be most likely to use ________.
1) Determine the value of the art after it was stolen, then pay cash for the loss
2) Provide legal services to manage the loss and investigate the theft
3) Pay a cash indemnification from a valued policy, the amount of which was determined before the loss occurred
4) Replace the art