Try Magic Notes and save time.
Try it free
Try Magic Notes and save time
Crush your year with the magic of personalized studying.
Try it free
hello quizlet
Home
Subjects
Expert Solutions
Log in
Sign up
Social Science
Law
Civil Law
FINA3351 - Chapter 9 - Fundamental Legal Principles
Flashcards
Learn
Test
Match
Get a hint
principle of indemnity
Click the card to flip 👆
The insurer agrees to pay no more than the actual amount of the loss
Click the card to flip 👆
1 / 26
1 / 26
Flashcards
Learn
Test
Match
Created by
JChang212
Share
Share
Terms in this set (26)
principle of indemnity
The insurer agrees to pay no more than the actual amount of the loss
actual cash value
the payment you receive is based on the replacement cost of an item minus depreciation
fair market value
the price a willing buyer would pay a willing seller in a free market
broad evidence rule
the determination of actual cash value should include all relevant factors an expert would use to determine the value of the property
valued policy
pays the face amount of insurance if a total loss occurs
