What is the Definition of Diminution Of Value?

What is the Definition of Diminution Of Value?

The idea that a vehicle loses value after it has been damaged in an accident and repaired.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Diminution Of Value?

What is the Definition of Diminution Of Value?

Check out other definition of insurance terms below:


What is the Meaning of ACTUARY In Insurance Terms?

An insurance professional skilled in the analysis, evaluation and management of statistical information. Evaluates insurance firms’ reserves, determines rates and rating methods, and determines other business and financial risks.


What is the Meaning of ADDITIONAL  LIVING EXPENSES In Insurance Terms?

Extra charges covered by homeowners policies over and above the policyholder’s customary living expenses. They kick in when the  insured requires temporary shelter due to damage by a covered peril that makes the  home temporarily uninhabitable.


What is the Meaning of ADDITIONAL TERM INSURANCE OPTION In Insurance Terms?

An option available to owners of participating insurance policies under which the insurer uses a policy dividend as a net single premium to purchase one-year term insurance on the insured’s life. Also known as fifth dividend option. (See Dividend; Policy dividend options)


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