Question

assume you own a refrigerator that was purchased new seven years ago for $900, would cost $1200 today, and that it was expected to last ten years when purchased. similar used refrigerators sell for about $300. what is its actual cash value?

Answer 1

$270 is its actual cash value. Actual Cash Value is a method for assessing insured property in the property and liability industry.

Actual cash value (ACV) is a method of determining the value of your commercial property that is being repaired or replaced due to covered damage. ACV is calculated by subtracting depreciation from the replacement cost value of an item. Actual Cash Value is a method for assessing insured property in the property and liability industry, or the method overcomes by that method. Replacement cost value is not equal to actual cash value.

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