Elizabeth recently lost her diamond engagement ring worth just on $$2,000.$ On lodging the claim under her contents policy, the insurer declines to pay the full amount of the claim with the most likely reason being:

$-$ the engagement ring was an unspecifiedied valuable subject to a standard policy limit

$-$ the claim is invalid under this policy as the engagement ring was lost outside the home

$-$ the amount of the claim falls within the basic excess for the policy

$-$ Elizabeth is unable to produce a current valuation for this item of jewellery