Market Value V. Actual Cash Value
Definition of "Market value v. actual cash value"
Value of property as established by the price a willing buyer would pay for property purchased from a willing seller, compared with the replacement cost of damaged or destroyed property minus depreciation and obsolescence. Usually, replacement cost basis is used in property insurance to indemnify an insured for damaged or destroyed property.
Popular Insurance Terms
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Obligation of the insured to report losses from a covered peril to the insurance company or its representative as soon after its occurrence as possible. ...
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