Examlex
The application of scientific knowledge for some specific purpose is known as
Actual Cash Value
The amount equal to the replacement cost of damaged or stolen property minus depreciation.
Liability
The condition of being legally accountable for certain actions or responsibilities, particularly regarding financial debts or legal duties.
Replacement Value
The cost to replace an asset or property with a new one of similar kind and quality at current market prices.
Stated Value
The value of an asset as declared by its owner, often for insurance purposes, which may or may not reflect its actual market value.
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