Sentences with phrase «definition of actual cash value»
The definition of replacement cost (as well as the definition of actual cash value) also must be extended to include the cost of replacing non-automotive property damaged in liability situations.
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The definition of actual cash value is replacement value minus depreciation.
Definition of Actual Cash Value: Intial cost to buy or market value of item less depreciation for the number of years you had it.
Not exact matches
This definition is often used to compare it to Actual Cash Value (ACV) and to explain why you are not being paid the full amount of your damages.
The definition of «actual cash value» is the amount of money it would take to replace your entire home with a home of the same quality, made out of the same materials, less depreciation — whereas replacement cost doesn't account for depreciation and is seen as the far better deal for the homeowner.