_________ is the maximum amount an insurance company will pay if an insured asset is deemed a total loss.

The correct answer is: D. Guaranteed Replacement Cost

Guaranteed replacement cost is the maximum amount an insurance company will pay if an insured asset is deemed a total loss. It is typically higher than the actual value of the asset, and it can be used to replace the asset with a new one of equal or greater value.

• Insurance value is the amount of money that an insurance company will pay if an insured asset is damaged or destroyed. It is typically based on the replacement cost of the asset, but it can also be based on the actual value of the asset.
• Actual value is the current market value of an asset. It is typically lower than the replacement cost of the asset.
• Replacement value is the amount of money that it would cost to replace an asset with a new one of equal or greater value. It is typically higher than the actual value of the asset.

Guaranteed replacement cost is a type of insurance coverage that provides additional protection for your assets. It is important to understand the difference between guaranteed replacement cost and other types of insurance coverage so that you can choose the right coverage for your needs.