What does Revenue Ruling 59-60 mean? Read on to discover the definition & meaning of the term Revenue Ruling 59-60 - to help you better understand the language used in insurance policies.
Revenue Ruling 59-60
Revenue Ruling 59-60 is a law the Internal Revenue Service (IRS) issued in 1959. It refers to the price of a property reasonably agreed upon by a seller and a buyer.
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 Revenue Ruling 59-60. 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: