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
Coverage for property which moves from location to location either on a scheduled or unscheduled basis. If the floater covers scheduled property, coverage is listed for each item. If a ...
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Rating system under which a specific premium rate, rather than a manual or class rate, is assigned to each unit of exposure. ...
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Soliciting of customers for the purchasing of an insurance product. ...
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Federal legislation that established the old age survivors, disability, and health insurance (OASDHI). ...
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