A painting that has been in Chandler's family for years is damaged by an insured peril. the insurer offers offers Chandler the cost to replace the painting with a new one of similar quality, which is $5,000. Chandler prefers to keep the painting so he can attempt to repair it himself. Which of the following is a true statement about this scenario?

a. The insurer will not let him keep the painting, and he must take the $5,000 settlement.

b. Chandler may keep the painting, but will most likely have to accept an amount for the loss that equals $5,000 less the salvage value of the painting.

c. Chandler may keep the painting, but will forfeit any cash settlement he may have otherwise been entitled to receive from his insurer.

d. Chandler may keep the painting, plus receive the $5,000 settlement from his insurer.