OH Public Adjuster Practice Questions - Ohio Public Adjuster Exam

What does 'replacement cost value' (RCV) mean in property insurance?

The depreciated value of the item at the time of loss The cost to replace the item with one of like kind and quality without deduction for depreciation The original purchase price of the item plus inflation The salvage value of the damaged item

Correct Answer:

The cost to replace the item with one of like kind and quality without deduction for depreciation

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