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English translation: on an absolute first loss basis
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| 08:49 Feb 11, 2009 |
| Italian to English translations [PRO] Insurance | |||||||
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|  Selected response from: Neil Crockford Local time: 22:38 | ||||||
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| 5 +1 | on an absolute first loss basis |
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| 5 | actual cash value (ACV) |
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Answers
18 mins confidence: 
peer agreement (net): +1
peer agreement (net): +1on an absolute first loss basis Explanation: This is the normal UK term for this arrangement. The insured fixed the sum insured at an amount lower than the full value of the property insured. The insurer will pay claims up to that amount, but if the loss exceeds that amount, the insured has no cover for the part that exceeds it. |
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5 hrs confidence:
actual cash value (ACV) Explanation: The US version of the same It is not "market value", but the value of the item prior to the damage which includes depreciation Actual cash value From Wikipedia, the free encyclopedia Jump to: navigation, search In the property and casualty insurance industry, actual cash value (ACV) is a method of computing what an insurer will pay an insured, after a loss, for a specific insured item. It is often a less costly method of insuring articles or structures, but it is also less preferred. ACV is computed by subtracting depreciation from replacement cost. Replacement cost is the preferred method of insuring. An example would be as follows: a man purchases a television set for $2,000 in 1990. If he were to attempt to sell the TV today, it may only be worth $100 to a buyer. ACV insurance would only pay $100 if the TV were stolen or damaged in a fire. Conversely, replacement cost insurance would pay the cost of purchasing an equivalent or like kind and quality TV in today's prices. Reference: http://en.wikipedia.org/wiki/Actual_cash_value |
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