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The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. [1] In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the ...
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However, the words "home warranty" are not always used explicitly to mean a legal warranty is being conveyed. In many cases, at least in the United States, a home warranty is not a warranty at all, but rather a home service contract that covers the repair and/or replacement costs of home appliances , major systems such as heating and cooling ...
A warranty is a term of a contract, but not usually a condition of the contract or an innominate term, meaning that it is a term "not going to the root of the contract", [6] and therefore only entitles the innocent party to damages if it is breached, [6] i.e. if the warranty is not true or the defaulting party does not perform the contract in ...
For example, if your coverage limit was up to $200,000, but the cost of rebuilding your home is $250,000, an extended replacement cost endorsement that covers up to 25 percent more than the policy ...
The Magnuson–Moss Warranty Act (P.L. 93-637) is a United States federal law (15 U.S.C. § 2301 et seq.). Enacted in 1975, the federal statute governs warranties on consumer products. The law does not require any product to have a warranty (it may be sold "as is"), but if it does have a warranty, the warranty must comply with this law.
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