What Does Functional Valuation Method Mean?

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What does Functional Valuation Method mean? Read on to discover the definition & meaning of the term Functional Valuation Method - to help you better understand the language used in insurance policies.

Functional Valuation Method

Functional Valuation Method

A valuation method in which the insured is required to pay no more than the cost to repair or replace the damaged or destroyed property with property that is its functional equivalent.

We hope the you have a better understanding of the meaning of Functional Valuation Method.

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