Insurance 101 – Chapter 9 – Volume 54 – The Definition of Actual Cash Value

The Definition of Actual Cash Value

Insurers, working without legislative or judicial direction, created a working definition of the term “actual cash value.” Insurers  recognized that “actual cash value” in a fire insurance policy was  designed to establish a dollar value for items of destroyed property that were not new at the time of loss. Since the insurers had no easy  means to establish the used value of property, they selected the  following as their working definition of “actual cash value”

The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library

 

Legal Disclaimer

The author and publisher disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this blog. The information provided is not a substitute for the advice of a competent insurance, legal, or other professional. The Information provided at this site should not be relied on as legal advice. Legal advice cannot be given without full consideration of all relevant information relating to an individual situation.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *