Between the wars, Springfield Armory made .22 rifles like that for training and target shooting. There were three models, the 1922, the 1922 M1, and the 1922 M2.
Papa's is the first of the series, the 1922 and the least common of the group.
They made 2020 1922s from 1922-1924.
Unfortunately for the collector value, Papa's has a replacement barrel made in April 1936 and a home checkering job on the stock.
There is one for sale at:
You could track it to see what it sells for.
Papa's would be worth less because of the changes.
I would put the insurance premiums into a gun safe and lock it up.
Insurance money would not replace Papa's rifle.