These are statements that identify the person(s) or organization(s) covered by the contract, give information about the loss exposure, and provide the basis upon which the contract is issued and the premium determined. This information may be obtained orally or in a written application. This section also includes the period of coverage and limitations of liability. Identify this section in an insurance contract. O Conditions Insuring agreement O Definition O Endorsements and riders O Declarations Calculate the ACV of personal property destroyed by fire based on the following information: Purchase price of the personal property: $10,000 Replacement value of the personal property: $12,000 Percentage of property depreciation: 25%