What Is Market Value In Insurance Contract
Market Value Definition And Meaning
This is determined by the amount at which property of the same age and condition can be bought and sold.
This value takes into account both depreciation due to age and appreciation due to inflation. For determining the sum insured for buildings, apart from excluding the value of land and plinth, the present cost of construction of similar building should be taken and then the depreciation for age and usage deducted.
Market Value Definition And Meaning
This is determined by the amount at which property of the same age and condition can be bought and sold.
[Post Image Courtesy of Rosemary Ratcliff at FreeDigitalPhotos.net]
This value takes into account both depreciation due to age and appreciation due to inflation. For determining the sum insured for buildings, apart from excluding the value of land and plinth, the present cost of construction of similar building should be taken and then the depreciation for age and usage deducted.
Insurance Law And Practice - ICSI
What Is Market Value In Insurance Contract
![What Is Market Value In Insurance Contract]()
Reviewed by Blog Editor
on
Monday, May 22, 2017
Rating:
Posts
No comments:
Do you have any reasonable comments for this post ? Please feel free to drop them below using the comment box. We will moderate and publish them as soon as possible. Cheers !