Actual Cash Value
A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation. (Replacement cost )
"Actual Cash Value" In Context
"Collision insurance covers the cost of repairs or the actual cash value of the vehicle, if damaged in a crash or rollover. • Liability Insurance covers medical expenses and damages to another person’s property as a result of a car accident ..." This Insurance Word is available for Sponsorship Sponsor this Definition Today.