Which term refers to the value of a property at the time it was lost?

The term that refers to the value of a property at the time it was lost is Market Value. Market value is defined as the price that a willing buyer would pay to a willing seller in an open market, indicating the property's worth based on current market conditions at the time of its loss.

This term is particularly important in insurance claims because it helps determine the compensation amount an insured party may receive for a lost or damaged property. Knowing the market value allows both the insurer and the insured to have a clear understanding of the property's financial worth at the time of the incident.

Other terms, while related to property valuation, have different implications. Appraised Value typically refers to a value determined by a professional appraiser, which may not always reflect the current market conditions. Replacement Cost refers to the amount it would take to replace a damaged item with a new one of similar kind and quality. Insured Value represents the amount for which a property is covered under an insurance policy, which can be different from its market value. Understanding these distinctions can help individuals navigate the complexities of property insurance and claims more effectively.