Standard Fire Policy Analysis
Definition of "Standard fire policy analysis"
Method of rating that compares property to be insured to a standard and adjusts the rate for deviations from the standard. A standard building is situated in a standard city of specific construction with specified fire protection. Other risks are compared to the standard and given credits or debits if they are a better or worse risk.
Popular Insurance Terms
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Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old living room sofa will not be replaced at ...
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