3. 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. Insurance Premium: the amount of money that an individual or business must pay for an insurance policy.

9. Coinsurance. A provision of an insurance policy that provides that the insurance company and the insured will apportion between them any loss covered by the policy according to a fixed percentage of the value for which the property, or the person, is insured.

11. Assignment 247 (1-28)