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3 Cards in this Set
- Front
- Back
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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 |
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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. |
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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 |
