Ashley purchased a dining room set for $5000 and insured the furniture on an actual cash value
Question:
Three years later, the set was destroyed in a fire. At the time of loss, the property had depreciated in value by 50 percent. The replacement cost of a new dining room set at the time of loss was $6000. Ignoring any deductible, how much will Ashley collect from her insurer? Explain your answer.
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Actual cash value ACV is replacement cost less depre...View the full answer
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Related Book For
Principles of Risk Management and Insurance
ISBN: 978-0132992916
12th edition
Authors: George E. Rejda, Michael McNamara
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