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For example, assume that a property is valued at 0,000 new, has depreciated 20 percent in value, insurance of ,000 is taken, and a ,000 loss occurs.
The actual cash value of the loss is ,000 (,000 minus 20 percent depreciation).
Recovery under homeowner’s forms is also limited if more than one policy applies to the loss.
For example, if two policies with equal limits are taken out, each contributes one-half of any insured loss.
From the standpoint of the insurer, an insurable risk must meet the following requirements:1.
These contracts (or forms) typically are divided into three or four parts: insuring agreements, identification of covered property, conditions and stipulations, and exclusions.
From the viewpoint of the insured person, an insurable risk is one for which the probability of loss is not so high as to require excessive premiums.
What is “excessive” depends on individual circumstances, including the insured’s attitude toward risk.
Insurance, a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period.
It thus is a method of coping with law of large numbers.” In large homogeneous populations it is possible to estimate the normal frequency of common events such as deaths and accidents.
There must be some way to determine whether a loss has occurred and how great that loss is.