MLchartDataset catalogue

Replacement value

Term · Law · MLC-T-LAW-004234

The cost to replace an insured item with a new one of similar kind and quality, without deduction for depreciation. This valuation method provides the policyholder with sufficient funds to purchase a new equivalent item. It contrasts with actual cash value, which accounts for depreciation and pays out a lower amount.

Table 1. Record
IdentifierMLC-T-LAW-004234
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-004234",
  "term": "Replacement value",
  "field": "Law",
  "definition": "The cost to replace an insured item with a new one of similar kind and quality, without deduction for depreciation. This valuation method provides the policyholder with sufficient funds to purchase a new equivalent item. It contrasts with actual cash value, which accounts for depreciation and pays out a lower amount.",
  "url": "https://mlchart.com/terminology/law/replacement-value/"
}

Record 4,297 of 5,445 in Law terminology (MLC-0107). Request the full dataset.