Obsolescence
Definition of "Obsolescence"
Decrease in value of property as the result of technological advancement and/or changing social mores. This factor is used to measure the amount of depreciation in determining the actual cash value of damaged or destroyed property protected by property insurance coverage.
Popular Insurance Terms
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Accrediting body for the CPCU (Chartered Property and Casualty Underwriter) designation. The institute provides undergraduate and continuing education in property and casualty insurance ...
Circumstance that produces the loss. ...
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