What is the Definition of Guaranteed Replacement Cost Coverage?

What is the Definition of Guaranteed Replacement Cost Coverage?

Homeowners policy that pays the full cost of replacing or repairing a damaged or destroyed home, even if it is above the policy limit. (See Extended replacement cost coverage)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Guaranteed Replacement Cost Coverage?

What is the Definition of Guaranteed Replacement Cost Coverage?

You can find random definition and meaning of insurance terms below:


Meaning of Malpractice Insurance in Insurance Terms

Professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients.


Meaning of Managed Care in Insurance Terms

Arrangement between an employer or insurer and selected providers to provide comprehensive health care at a discount to members of the insured group and coordinate the financing and delivery of health care. Managed care uses medical protocols and procedures agreed on by the medical profession to be cost effective, also known as medical practice guidelines.


Meaning of Marine Insurance in Insurance Terms

Coverage for goods in transit, and for the commercial vehicles that transport them, on water and over land. The term may apply to inland marine but more generally applies to ocean marine insurance. Covers damage or destruction of a ship’s hull and cargo and perils include collision, sinking, capsizing, being stranded, fire, piracy and jettisoning cargo to save other property. Wear and tear, dampness, mold, and war are not included. (See Inland marine; Ocean marine)


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