What Is 'Replacement Value

question 20

Multiple Choice

What is 'replacement value?'

• A) the current cost of returning a physical asset to its pre-damaged condition
• B) the value one subjectively places on the loss of human life
• C) the amount you charge FEMA for your direct losses
• D) None of the above

---

Definitions:

A Misdemeanor

A criminal offense that is less serious than a felony and generally punishable by fines, penalties, or a short term of imprisonment.

Petty Offenses

Minor legal violations that typically result in a small fine or penalty and do not entail significant legal consequences.

Tort Offenses

Legal wrongdoings that arise from breach of duty primarily fixed by law, where the duty is towards individuals rather than contractual obligations.

Strict Liability

A legal doctrine that makes an individual or entity responsible for damages or harm caused by their actions, regardless of fault or negligence.