Stated Value Insurance Appraisal: Usually found on limited use policies. 

The insurance company will pay the stated amount or actual cash value,

as long as the cost of repairs are not over 80% of the stated value or acv.

Example: Your car has a stated value of 15,000. The cost to repair is less 

than 12,000 with no open items needing repair. They will then possibly fix

the vehicle. If it is that close they usually will total the vehicle and pay

the stated value to the customer less your deductible.