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