Actual cash value acv - Study guides, Class notes & Summaries

Property and Casualty Exam Questions and answers, 100% Accurate, rated A Bailee - An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursem...

California Property and Casualty Insurance Test Pool Questions and answers, rated A The term "Time element Coverage" is used when the amount of loss depends on what? The time it takes to repair, rebuild, or restore damaged property. - -The term time element coverage is used for many indirect losses, such as a business income loss, because the amount of loss might not be directly related to the amount of property damage that occurred, but it is related to the time it takes to repair,,...

Property and Casualty Insurance Test Question Notes. Questions and answers, 100% Accurate. Rated A What is a peril? - A Peril is a cause of loss What is a hazard? - Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - Retention (loss or portion of loss) If a fire causes damage to a...

State Farm Insurance License Exam| Questions and Answers, 100% Solved| Latest Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident A loss that occurs at a specific time and place Actual Cash Value (ACV) Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized i...

State Farm Insurance License Exam| Questions and Answers, 100% Solved| Latest Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident A loss that occurs at a specific time and place Actual Cash Value (ACV) Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized i...