(1) In the event of the total destruction of any insured property, if the total amount of loss or agreed loss is less than the total amount insured thereon, the insurer or insurers shall return to the insured the portion of insurance premium paid for the excess of the insurance over the loss. This amount shall be paid at the same time and in the same manner as the loss.
(2) This section does not apply to insurance on stocks of merchandise or property of fluctuating values where the reduced rate percentage clause is made a part of the policy. [Formerly 744.090 and then 743.111]
Section: Previous 742.046 742.048 742.050 742.051 742.053 742.055 742.056 742.058 742.060 742.061 742.063 742.065 742.070 742.080 742.090 NextLast modified: August 7, 2008