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Hi, what is the difference between Replacement value and New Replacement Value from the point of Insurance Claim Settlement?

Insurance
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Question added by Pasha Raza , Manager Treasury , Pak Telecom Mobile Limited (Ufone)
Date Posted: 2016/04/21
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Deleted user
by Deleted user

replacement value is the value of the insured asset before the loss, replacing it with the same product with the same value considering depreciation. 

 

New replacement, is a brand new product regardless of other conditions 

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