| · Appraisal: | A report describing and determining the dollar value of property prepared by an impartial specialist. |
| · Agreed Value: | amount agreed on by the owner and insurer. |
| · Fair Market Value: | Defined as the price at which the property would change hands between a willing buyer and a willing seller neither being under the compulsion to buy or sell; with both parties having reasonable knowledge of the relevantfacts. |
| · Actual Cash Value: | The value of property equal to the original cost, less depreciation. |
| · Replacement Cost: | The cost of replacing the property when it is either loss or destroyed. |
| · Comparable Sales: | Similar or like items sold within a reasonable time frame of the appraisal. |
