Which term refers to the process of determining the value of a property at the time of loss?

The term that refers to the process of determining the value of a property at the time of loss is known as Actual Cash Value (ACV). This concept is crucial in property insurance as it assesses what a property is worth when a loss occurs, taking into account depreciation. ACV is typically calculated by subtracting the estimated depreciation from the replacement cost of the property.

Understanding ACV is important because it can significantly affect the amount an insured individual receives when they file a claim. For instance, if a homeowner's property is partially damaged in a fire, the insurance company would assess the value of that property at the time of the loss, considering factors like age, wear, and tear. This can lead to a settlement that is less than what it would cost to replace the item new.

Other terms like Replacement Cost refer to the amount needed to replace property without deduction for depreciation, which is different from valuation at the time of loss. Policy Value Assessment and Loss Settlement are not standard terms used in this context and do not specifically denote the evaluation of property value at the time of loss in insurance practices.