Relier Pairs Risk Chp. 9Version en ligne Risk Chp. 9 par Ryan Brown 1 Concealment 2 Material (fact) 3 Actual Cash Value 4 Binder 5 Replacement Cost Insurance 6 Personal Contract 7 Fair Market Value 8 Estoppel 9 Commutative Contract 10 Exchange of Consideration one in which the values exchanged by both parties are theoretically even. is the price a willing buyer would pay a willing seller in a free market. means that the insurer knew the true facts, the policy would not be issued or it would be issued on different terms. value of property at the time of its damage or loss, determined by subtracting depreciation of the item from its replacement cost. the value that each party in a contract gives to the other. deliberate failure of an applicant for insurance to reveal a materiel fact to the insurer. legal doctrine that prevents a person from denying the truth of a previous representation of fact, especially when such representation has been relied on by the one to whom the statement was made. which means the contract is between the insured and the insurer. authorization of coverage by an agent given before the company has formally approved a policy. Provides evidence that the insurance is in force. means there is no deduction for physical deprecation in determining the amount paid for a loss.
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