Which of the following describe the cost to replace or replicate property at today's prices?
A) Real property
B) Personal property
C) Replacement value of property
D) Actual cash value

Question

Quizplus · Accepted Answer

The replacement value of property is the cost to replace or replicate property at today's prices. Real property and personal property do not necessarily indicate the current cost to replace or replicate the property, as they may have different values due to depreciation or appreciation. Actual cash value takes into account depreciation and is not the same as the cost to replace or replicate property at today's prices.

Which of the Following Describe the Cost to Replace or Replicate