actual cash value
- It refers to the cost incurred to repair or replace a damaged asset, minus the decrease in its value due to wear and tear or age
- The insurance company calculated the actual cash value of the damaged car before deciding the claim amount.
- The actual cash value of the property was significantly lower due to its age and poor condition.
- In an insurance policy, understanding the meaning of actual cash value can help in estimating the payout for a claim.
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