MLchartDataset catalogue

Depreciation

Term · Insurance and risk management · MLC-T-INS-001134

The reduction in value of property over time due to wear and tear, obsolescence, or age. In insurance, depreciation is a key factor in determining the actual cash value (ACV) of damaged property, which is often calculated as replacement cost minus depreciation. This concept is applied to personal property, structures, and vehicles when settling claims.

Table 1. Record
IdentifierMLC-T-INS-001134
FieldInsurance and risk management
SubjectPersonal Lines
Record as JSON 
{
  "id": "MLC-T-INS-001134",
  "term": "Depreciation",
  "field": "Insurance and risk management",
  "definition": "The reduction in value of property over time due to wear and tear, obsolescence, or age. In insurance, depreciation is a key factor in determining the actual cash value (ACV) of damaged property, which is often calculated as replacement cost minus depreciation. This concept is applied to personal property, structures, and vehicles when settling claims.",
  "subject": "Personal Lines",
  "url": "https://mlchart.com/terminology/insurance/depreciation/"
}

Record 964 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.