What does Repair Cost mean? Read on to discover the definition & meaning of the term Repair Cost - to help you better understand the language used in insurance policies.
The cost to repair a damaged or destroyed item of property. May be the basis of reimbursement for a loss.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Repair Cost. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: