Replacement Cost Less Physical Depreciation And Obsolescence
Sum it takes to replace an insured's damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation (fair wear and tear) and obsolescence. The objective is to place the insured in the same financial position after a loss as prior to it; the insured should not profit or lose by incurring a loss.
Popular Insurance Terms
Organization having as its objective the education of the general public concerning items of national concern of member property and casualty insurance companies. ...
Re-registration of existing shares when there is any change in the name of the owner (s). Such a circumstance may occur when the owner (s) of the shares gives these shares to another ...
Under Section 1035 of the Internal Revenue Code, stipulation that the exchange of one life insurance policy for another life insurance policy will generally not result in a recognized gain ...
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Mortality table, morbidity table that does not include current statistical experience. ...
Termination of premium payments by an employer on behalf of an employee to an employee benefit plan. ...
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Means of paying the cost of benefits of pension plan participants including retirement, death, and disability. ...
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