"New for Old" Means That the Policy Pays Replacement Cost

question 27

True/False

"New for old" means that the policy pays replacement cost.

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Definitions:

Poverty

A condition where individuals or groups lack the financial resources to meet basic needs such as food, shelter, and healthcare.

Zero-Child Family

A family unit where the parents have chosen not to have children.

Auto Mechanic

A professional who specializes in repairing and maintaining automobiles, including diagnosing mechanical issues and performing services and repairs.

Commission Salesperson

A salesperson who earns income based on the percentage of sales they generate, rather than receiving a fixed salary.