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Do you know what Salvage is?

2017-11-24

Salvage is the amount of money received by an insurer from the sale of damaged property.

In property insurance, the insurance company reduces the amount of insurance compensation if the insurer wishes to keep the damaged property or pays the insurer the total loss and receives all the rights to the damaged property.

Imagine a situation when your car is completely damaged as a result of an accident, and the insurance company suggests to pay the total amount of your car, taking the car instead. This phenomenon is called Salvage.

Be informed...

 

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