Broad Evidence Rule
Rule that stipulates how to calculate the actual cash value of property that has been damaged, destroyed, or stolen. The thesis of this rule is that whatever evidence that can be produced of the true value of the property is admissible; the factual insurable value of the property can be ascertained by whatever measures provide the most accurate picture of that property's real value. Thus, this is a method of determining the true insurable worth of a structure according to any measure that will provide the most accurate analysis of that property's value. This method is becoming more widely accepted as a means of measuring actual cash value.
Popular Insurance Terms
Regulation set forth by the national association of insurance commissioners (naic) to govern life insurance sales illustrations. Includes the following major provisions: POLICY OWNER must ...
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Classification of occupations according to the degree of risk inherent in that occupation. ...
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Benefits payable under any insurance policy or annuity contract. ...
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