OH Public Adjuster Practice Questions - Ohio Public Adjuster Exam

What is the difference between 'replacement cost' and 'functional replacement cost' valuations?

There is no difference Replacement cost covers identical replacement; functional replacement covers replacement with functionally equivalent but not identical materials Functional replacement cost is always higher than replacement cost Replacement cost applies only to personal property; functional replacement applies to buildings

Correct Answer:

Replacement cost covers identical replacement; functional replacement covers replacement with functionally equivalent but not identical materials

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