Decrease in the value of property over a period of time due to use, wear & tear and obsolescence. For example, if you paid $500 for a television set five years ago, its current value minus depreciation might be only $125.
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A circumstance is material if it would affect the decision of the Insurer to accept the risk, or in the rating of the premium. Non-disclosure of a material circumstance entitles the Insurer to avoid the insurance contract.