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