Relacionar Columnas Risk Chp. 9Versión en línea Risk Chp. 9 por Ryan Brown 1 Concealment 2 Binder 3 Commutative Contract 4 Replacement Cost Insurance 5 Estoppel 6 Personal Contract 7 Exchange of Consideration 8 Fair Market Value 9 Material (fact) 10 Actual Cash Value is the price a willing buyer would pay a willing seller in a free market. means there is no deduction for physical deprecation in determining the amount paid for a loss. authorization of coverage by an agent given before the company has formally approved a policy. Provides evidence that the insurance is in force. value of property at the time of its damage or loss, determined by subtracting depreciation of the item from its replacement cost. means that the insurer knew the true facts, the policy would not be issued or it would be issued on different terms. deliberate failure of an applicant for insurance to reveal a materiel fact to the insurer. which means the contract is between the insured and the insurer. legal doctrine that prevents a person from denying the truth of a previous representation of fact, especially when such representation has been relied on by the one to whom the statement was made. the value that each party in a contract gives to the other. one in which the values exchanged by both parties are theoretically even.
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