What is the Definition of Salvage?

What is the Definition of Salvage?

Damaged property an insurer takes over to reduce its loss after paying a claim. Insurers receive salvage rights over property on which they have paid claims, such as badly damaged cars. Insurers that paid claims on cargoes lost at sea now have the right to recover sunken treasures. Salvage charges are the costs associated with recovering that property.

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 Annuity?

What is the Definition of Salvage?

You can find random definition and meaning of insurance terms below:

What is the meaning of State Children's Health Insurance Program

policies issued in association with the Federal/State partnership created by title XXI of the Social Security Act.

What is the meaning of State of Domicile

the state where a company's home office is located.

What is the meaning of State Page

Exhibit of Premiums and Losses for each state a company is licensed. The state of domicile receives a schedule for each jurisdiction the company wrote direct business, or has amounts paid, incurred or unpaid.

Thank you for visiting our website and read this FAQ article about "What is the Definition of  Salvage?". We hope you get what you searching for.

definitionly.com is a website that contains information about the definition or meaning of a word. You can search for the terms you are looking for in the search field above.

Related Posts

Subscribe Our Newsletter