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Total Loss Network / Glossary
Fair market value
A market-based view of the price a willing, informed buyer and seller would agree to under ordinary conditions. The exact definition and relationship to policy actual cash value depend on the assignment.
Why the term matters
Ask which market, date and vehicle condition the opinion addresses. A single asking price does not establish the market, and an urgent sale can reflect circumstances that do not match the assignment.
A question to ask
“Where does this term appear in my report or policy, and how does it affect this specific calculation or next step?” Ask for a written explanation tied to the document.
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