Every answer and its explanation appears here once you have finished the path. Each one then links to the matching glossary entry, where the concept is set out in full with its worked example.
1. On a market publishing weekly prices, what happens to an agreed value?
It keeps its full contractual force and loses its justification: a marked gap against comparables is hard to defend
Agreed value exists because a painting has no comparable: it replaces an impossible appraisal with a convention. Where comparables are published weekly, the convention survives legally and dries up economically, and that nuance plays out at renewal rather than at the loss. Believing it becomes unenforceable credits the market with a power over the contract it does not have; believing it revises itself invents a mechanism no policy carries, revision being what the insured must ask for.
Glossary entry · valeur-agreee2. An object's condition carries a published grade. What becomes of the hardest head to prove on a painting?
It becomes the easiest: the gap between two grades is read in published transactions
On a painting, the prior state is a record someone made or did not make; on a graded object it is public data, and the loss of value is read in the gap between two grades. It is one of the rare places where the discipline shifts from appraisal toward grading documents and history, and where the adjuster has less to demonstrate than to document. Believing the grade removes depreciation confuses measuring with abolishing: the object is still worth less, it is merely easier to say by how much.
Glossary entry · depreciation3. A common-series gold coin is destroyed. What does fungibility reopen, and when do the parties' positions reverse?
Settlement in kind, and positions reverse when the market has risen since renewal
On a painting, replacement is impossible and the argument is about an amount; on a fungible object, the insurer can offer an equivalent, which changes the nature of the discussion. The reversal is the point to retain: usually the insured prefers the thing and the insurer the money, but when the market has risen above the agreed value, it is the insured that wants the coin and the insurer that wants to pay the agreed amount. The two answers inventing a right to something better or a reduced deductible add favors no wording grants.
Glossary entry · principe-indemnitaire4. A whole collection is destroyed. A market index gives its value. Why does that figure overstate the actual loss?
Because an index is made of UNIT transactions: it overstates what a forced sale of a whole collection would fetch
Selling one coin at a time over years is not selling three hundred coins in the same month, and yet it is the second scenario a total loss of a location creates. The index describes a market absorbing one piece, not a market absorbing a collection, and the gap widens with size. The answer invoking acquisition costs names a real bias of the opposite direction and scale; the one about condition applies to ungraded objects, whereas this module deals precisely with graded ones.
Glossary entry · valeur-agreee5. Where does the adjuster's discipline move on these objects, compared with a painting?
From appraisal toward grading documents and history, which decide which comparable applies
The work does not disappear, it changes nature: it is no longer about convincing an expert what a unique thing is worth, but about establishing which comparable applies, which turns on certificates, numbers and traceability. The answer letting the index decide alone is the most tempting and it is the error the previous question closes: an index says nothing about a forced sale or a grade. Believing condition the only arguable head forgets that the agreed value too either stands or falls against the comparable.
Glossary entry · depreciation