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LSDefine

Simple English definitions for legal terms

salvage loss

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A quick definition of salvage loss:

Salvage loss is when something loses its value unexpectedly or gets destroyed. This can happen because of accidents, natural disasters, or other unexpected events. When something is insured, the insurance company may have to pay for the loss. If something is sold for less than it was bought for, that is also considered a loss. Sometimes, the loss is so big that it cannot be fixed, and the thing is considered a total loss.

A more thorough explanation:

Definition: A salvage loss is an undesirable outcome of a risk that results in the disappearance or reduction of value, usually in an unexpected or unpredictable way. In insurance, it refers to the amount of financial detriment caused by an insured person's death or an insured property's damage, for which the insurer becomes liable.

Examples:

  • If a car is damaged in an accident and its value decreases as a result, the difference between its original cost and its later selling price is considered a salvage loss.
  • If a house is destroyed in a fire and the insurance company pays out for the damage, the amount paid out is considered a salvage loss.

These examples illustrate how a salvage loss can occur when an unexpected event causes a decrease in value or financial detriment, resulting in a loss for the owner or insurer.

salvage charges | salvager

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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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