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Today's Terms
Replacement Cost
Definition:
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
Total Loss
Definition:
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Deductible
Definition:
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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