MANAGEMENT

Detailed explanation-1: -The actual cash value (ACV) of a property is how an insurance company determines the value of that property at any point in time. It is useful in calculating depreciation. Also, the real price at which the asset could be sold is rarely more than the amount required to purchase a comparable new asset.

Detailed explanation-2: -The insurer allocates a value to an item at the beginning of the insurance policy. Thus, it means, no matter what is the value of the item or how much it increases or decreases, the value is fixed which will be paid by the insurance company to the policyholder at the time of claim.

Detailed explanation-3: -Solution. The value of insured property is called property value.

Detailed explanation-4: -Definition: For the purpose of taxation, a property is assessed for its monetary worth. This ascertained price is known as assessed value.