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
Health insurance coverage only for a specified catastrophic disease such as cancer. It is important to ascertain the waiting period required, maximum benefits and maximum length of time ...
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Cost of doing business, not including pure expectation of loss. ...
Federal law that requires administrators of pension plans with more than 25 participants to file a plan description with the U.S. Department of Labor. A plan description includes schedules ...
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Synopsis of the key financial figures concerning the pension plan that is contained in the form 5500 that must be filed annually with the Internal Revenue Service. This report must be given ...
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