Real and personal property can have many "values," replacement cost, the amount the item could bring on the open market, what an expert thinks it is worth, what it actually costs to replace or rebuild, or the value an individual places on the property. Not all of these relate to insurance or the application of insurance coverage.

Before dissecting values assignable to property and how each value relates to insurance, an understanding of the founding and guiding principal of property insurance must be established. Beginning with the earliest property policies, through the creation of the 165-line New York standard fire policy in 1918, up to and including the property insurance policies in use today; the goal of property insurance has been and remains the "indemnification" of the insured party.

What "values" are assigned to indemnify the insured? Students taking this course learn:

• What "values" relate to insurance;
• How each of these values relates to indemnification;
• The true insurance meaning of these terms (they don't mean what you think); and
• Why "Replacement Cost" isn't really what it says.