Replacement Cost Less Physical Depreciation and Obsolescence

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What does Replacement Cost Less Physical Depreciation and Obsolescence mean? Read on to discover the definition & meaning of the term Replacement Cost Less Physical Depreciation and Obsolescence - to help you better understand the language used in insurance policies.

Replacement Cost Less Physical Depreciation and Obsolescence

Replacement Cost Less Physical Depreciation and Obsolescence

Replacement cost less physical depreciation and obsolescence is the amount that an insurance company will pay for an insured property after it considers the diminished value because of wear and tear or because new technology has replaced it in the market.

More Insurance Terms And Definitions

The Merriam-Webster Dictionary defines insurance as:

a: The business of insuring persons or property.

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.

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