In property insurance, actual cash value is defined as which of the following?

Insurance

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In property insurance, actual cash value is defined as which of the following?

a) The actual amount of a loss payable, less the policy deductible

b) Replacement cost at the time of the loss, less depreciation

c) Market value of the property at the time of the loss

d) Stated value of the property as shown on the declaration

Answer: C

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