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Guaranteed replacement: This coverage helps pay for rebuilding the structure of your home after a covered peril, even if the current cost is higher than the coverage limits listed on your ...
For example, if the replacement cost — not the amount that you paid for it originally, but the amount it would cost to replace it today — for your roof is $20,000, but the roof loses 5 percent ...
This percentage multiplied by the replacement cost equals the actual cash value. For instance, imagine a man bought a television set for $2,000 five years ago, which was unfortunately destroyed in a hurricane. His insurance provider estimates that televisions typically have a useful life of 10 years. Today, a similar television would cost $2,500.
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 ...
A guaranteed investment contract (GIC) is a contract that guarantees repayment of principal and a fixed or floating interest rate for a predetermined period of time. Guaranteed investment contracts are typically issued by life insurance companies qualified for favorable tax status under the Internal Revenue Code (for example, 401(k) plans).
Searching for the right homeowners insurance policy can be confusing. There is insurance-specific terminology to master, for example. One phrase you may hear when you are talking to insurance ...
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The trade-off between assured, limited coverage and lack of ...
The cost to rent a vehicle if yours is damaged. The cost to tow your vehicle to a repair facility. Crashes involving uninsured motorists. Different policies specify the circumstances under which each item is covered. For example, a vehicle can be insured against theft, fire damage, or crash damage independently.