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Replacement Value
The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the actual cost to replace an item or structure at its pre-loss condition. This may not be the "market value" of the item, and is typically distinguished from the "actual cash value" payment which includes a deduction for depreciation. For insurance policies for property insurance, a contractual stipulation that the lost asset must be actually repaired or replaced before the replacement cost can be paid is common. This prevents overinsurance, which contributes to arson and insurance fraud.Thomas JE, Wilson B. (2005). The Indemnity Principle: Evolution from a Financial to a Functional Paradigm]. ''Journal of Risk Management & Insurance''Free full-t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Urban Planning
Urban planning (also called city planning in some contexts) is the process of developing and designing land use and the built environment, including air, water, and the infrastructure passing into and out of urban areas, such as transportation, communications, and distribution networks, and their accessibility. Traditionally, urban planning followed a top-down approach in master planning the physical layout of human settlements. The primary concern was the public welfare, which included considerations of efficiency, sanitation, protection and use of the environment, as well as taking account of effects of the master plans on the social and economic activities. Over time, urban planning has adopted a focus on the social and environmental "bottom lines" that focuses on using planning as a tool to improve the health and well-being of people and maintain sustainability standards. In the early 21st century, urban planning experts such as Jane Jacobs called on urban planners to take ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Holding Gains
Holding gains are generally defined as increases in the replacement costs of the assets held during a given period. Holding gains and losses accrue to the owners of assets and liabilities purely as a result of holding the assets or liabilities over time, without transforming them in any way. For example, if a company holds bottles of wine in its inventory and that specific wine becomes more expensive on the market, the replacement cost of the wine in the inventory increases as it has become more expensive for the company to replace its current stock of wine. Thus, by merely holding the wine in the inventory, the assets of the company have risen in value. There are different types of holding gains and the types depend on the accounting system the company uses or may use. Holding gains are most frequently used in inflation accounting and income measurement. For instance holding gains or losses can result from depreciation, stock, gearing adjustments or monetary working capital adju ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Actual Cash Value
In the property and casualty insurance industry, actual cash value (ACV) is a method of valuing insured property, or the value computed by that method. Actual cash value (ACV) is not equal to replacement cost value (RCV). Actual cash value is computed by subtracting depreciation from replacement cost. The depreciation is usually calculated by establishing a useful life of the item determining what percentage of that life remains. This percentage multiplied by the replacement cost equals the actual cash value. For instance, imagine a man bought a television set for $2,000 five years ago, which was unfortunately destroyed in a hurricane. His insurance provider estimates that televisions typically have a useful life of 10 years. Today, a similar television would cost $2,500. The damaged television had 50% (5 years) of its life remaining. According to insurance calculations, the Actual Cash Value (ACV) is determined by multiplying the current replacement cost of $2,500 by the remai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, meaning the term ''bankruptcy'' is not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian language, Italian , literally meaning . The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery" until the creditor recouped losses through their Manual labour, physical labour. Many city-states in ancient Greece lim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Road
A road is a thoroughfare used primarily for movement of traffic. Roads differ from streets, whose primary use is local access. They also differ from stroads, which combine the features of streets and roads. Most modern roads are paved. The words "road" and "street" are commonly considered to be interchangeable, but the distinction is important in urban design. There are many types of roads, including parkways, avenues, controlled-access highways (freeways, motorways, and expressways), tollways, interstates, highways, and local roads. The primary features of roads include lanes, sidewalks (pavement), roadways (carriageways), medians, shoulders, verges, bike paths (cycle paths), and shared-use paths. Definitions Historically, many roads were simply recognizable routes without any formal construction or some maintenance. The Organization for Economic Co-operation and Development (OECD) defines a road as "a line of communication (travelled way) using a stab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maintenance (technical)
The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure and supporting utilities in industrial, business, and residential installations. Terms such as "predictive" or "planned" maintenance describe various cost-effective practices aimed at keeping equipment operational; these activities occur either before or after a potential failure. Definitions Maintenance functions can be defined as maintenance, repair and overhaul (MRO), and MRO is also used for maintenance, repair and operations. Over time, the terminology of maintenance and MRO has begun to become standardized. The United States Department of Defense uses the following definitions: Federal Standard 1037C and from MIL-STD-188 and from the Department of Defense Dictionary of Military and Associated Terms * Any activity—such as tests, measurements, replacements, adjustments, and repairs—intended to retain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency
In accounting, insolvency is the state of being unable to pay the debts, by a person or company ( debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet insolvency. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Water Infrastructure
A water supply network or water supply system is a system of engineered hydrologic and hydraulic components that provide water supply. A water supply system typically includes the following: # A drainage basin (see water purification – sources of drinking water) # A raw water collection point (above or below ground) where the water accumulates, such as a lake, a river, or groundwater from an underground aquifer. Raw water may be transferred using uncovered ground-level aqueducts, covered tunnels, or underground water pipes to water purification facilities. # Water purification facilities. Treated water is transferred using water pipes (usually underground). # Water storage facilities such as reservoirs, water tanks, or water towers. Smaller water systems may store the water in cisterns or pressure vessels. Tall buildings may also need to store water locally in pressure vessels in order for the water to reach the upper floors. # Additional water pressurizing components such ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transport Infrastructure
Transport (in British English) or transportation (in American English) is the intentional movement of humans, animals, and goods from one location to another. Modes of transport include air, land ( rail and road), water, cable, pipelines, and space. The field can be divided into infrastructure, vehicles, and operations. Transport enables human trade, which is essential for the development of civilizations. Transport infrastructure consists of both fixed installations, including roads, railways, airways, waterways, canals, and pipelines, and terminals such as airports, railway stations, bus stations, warehouses, trucking terminals, refueling depots (including fuel docks and fuel stations), and seaports. Terminals may be used both for the interchange of passengers and cargo and for maintenance. Means of transport are any of the different kinds of transport facilities used to carry people or cargo. They may include vehicles, riding animals, and pack animals. Vehicles m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Infrastructure
Infrastructure is the set of facilities and systems that serve a country, city, or other area, and encompasses the services and facilities necessary for its economy, households and firms to function. Infrastructure is composed of public and private physical structures such as roads, railways, bridges, airports, public transit systems, tunnels, water supply, sewers, electrical grids, and telecommunications (including Internet connectivity and broadband access). In general, infrastructure has been defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions" and maintain the surrounding environment. Especially in light of the massive societal transformations needed to mitigate and adapt to climate change, contemporary infrastructure conversations frequently focus on sustainable development and green infrastructure. Acknowledging this importance, the international community h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Department Of Insurance
The California Department of Insurance (CDI), established in 1868, is the agency charged with overseeing insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in California. The CDI has authority over how the insurance industry conducts business within California, and licenses and regulates the rates and practices of insurance companies, agents, and brokers in the state. Continuing education for insurance professionals is regulated by each state's Department for Insurance, although there are commonalties across the states. See Insurance Continuing Education. CDI has over 1,300 employees charged with the responsibility of protecting consumer interests. Its budget is primarily derived from funds generated by license fees, assessments, and Proposition 103 recoupment fees. The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
