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
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Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: make a cash payment; take possession of damaged or destroyed ...
Securities that derive their value from other financial instruments that are used by the insurance company to hedge its bets on which direction the market is moving. For example, cattle ...
Net cost of insurance with no markup to cover an intermediary's profit or expenses. An intermediary, such as a broker, sells an insurance product net; that is, there is no loading for his ...
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Clause requiring an insured to cooperate with an insurance company by producing all evidence requested in settlement of a claim. The company may have difficulty settling a claim without the ...
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