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Ocean Point Claims Company
Ocean Point Claims:loss settlement
Glossary

Loss Settlement

The policy provision specifying how a claim will be valued: ACV, RCV, functional replacement, or other basis.

Variations

  • RCV: replacement cost value, full new
  • ACV: replacement minus depreciation
  • Functional replacement: like-kind at reduced spec
  • Schedule ACV: agreed-value for specific items

Where to find it

Loss Settlement condition section of the dwelling form, usually near Conditions.

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