Exam FX- Michigan Property and Casualty Glossary with Complete Solutions

Exam FX- Michigan Property and Casualty Glossary with Complete SolutionsExam FX- Michigan Property and Casualty Glossary with Complete SolutionsExam FX- Michigan Property and Casualty Glossary with Complete Solutions Abandonment - ANSWER-The abdication of insured property into the hands of another, or into the possession of no one in particular. Accident - ANSWER-An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) - ANSWER-The required amount to pay damages or for property loss, which is calculated based on the property's current replacement value minus depreciation. Additional Coverage - ANSWER-A provision in an insurance policy that allows for more coverage for specific loss expense without increase in premium.