A valuation rule that has evolved in some states and does not adhere to the
principle that the traditional measure of actual cash value (ACV) (replacement
cost less depreciation) is the sole measure of value at the time of loss. This
rule provides for the examination of every standard of value having a bearing
on the property under consideration, such as the age of the property, the
profit likely to accrue on the property, and the property's tax value.
Ultimately, it calls for the selection of that "value," which, in the
event of a total loss, will provide complete indemnification and no more.