False. Actual cash value (ACV) is the sum that represents a damaged or stolen item's replacement cost less depreciation at the time of the loss. The real price at which the asset could be sold, which is never greater than its replacement value. There isn't an insurance product referred to as ACV insurance.
When determining the amount to be paid to a policyholder following loss or damage to the insured property or vehicle, insurance companies occasionally use actual cash value. Because it reimburses the policyholder for the real cost of replacing property, property insurance policyholders typically prefer payment based on the replacement cost of damaged or stolen property.
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