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Absolute Liability
Liability that arises from an extremely dangerous situation. Absolute liability is often found in cases involving explosives also known as strict liability
Actual cash value (ACV)
The cost to replace an item of property at the time of loss, less an allowance for depreciation. Often used to determine amount of reimbursement for a loss.
Adjuster
Represents the insurance company and acts for the company in working on agreements as to the amount of a loss and the liability of the company
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