The term "salvage" as it relates to insurance means the:
A)cost of cleaning up after a natural disaster
B)remaining insurance premium not needed after a peril destroys one's property
C)amount of the claim the insured is responsible for paying
D)amount received by the insurance company when damaged property is sold

Question

Quizplus · Accepted Answer

The term "salvage" as it relates to insurance refers to the amount received by the insurance company when damaged property is sold. This is the value that the insurance company receives for any damaged property that they may take over as part of the insurance claim settlement process.

The Term "Salvage" as It Relates to Insurance Means The