The ________ Method to Settle Claims Is Based on the Current

question 61

Multiple Choice

The ________ method to settle claims is based on the current replacement cost of a damaged or lost item less depreciation.

• A)replacement value
• B)actual cash value
• C)umbrella
• D)endorsement
• E)personal property floater

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Definitions:

Tangibles

Physical items or properties that can be seen, touched, and measured, as opposed to intangible assets like patents or copyrights.

Reliability

The degree to which a system, component, or process consistently performs according to its intended or designed function.

Manufacturing-Based Quality

Manufacturing-based quality focuses on ensuring that a product or service meets a specified standard during the manufacturing or production process.

Design Specifications

Detailed descriptions of the characteristics that a product or project must meet.