Guaranteed Replacement Cost Insurance Coverage Provides the Insured with the Depreciated

question 185

True/False

Guaranteed replacement cost insurance coverage provides the insured with the depreciated cost of assets.

---

Definitions:

Third-Party Claim

A claim made by a defendant against someone who is not already a party to the lawsuit, asserting that this "third party" is actually liable for the plaintiff's damages.

Privity of Contract

A principle indicating that only the parties involved in a contract have the rights and obligations arising from it.

Buyer's Obligation

A purchaser's duty to pay the agreed price for goods or services and to comply with the terms of the contract of purchase.

Credit Sale

A transaction where goods or services are provided in exchange for a promise to pay at a later date.