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Explain why one must be careful when accounting for erosion costs.
Coinsurance Clause
A provision in an insurance policy that requires the policyholder to bear a portion of the losses to the extent specified in the policy.
Fair Market Value
The price that a knowledgeable, willing, and unpressured buyer would pay to a knowledgeable, willing, and unpressured seller in the market.
Insurance Proceeds
The money received from an insurance claim, which compensates for a loss or damage.
Subrogation Clause
A provision in an insurance policy allowing the insurer to take legal action in the name of the insured against a third party responsible for the insured’s loss.
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