salvage

Definition

Property that an insurer has taken over in order to minimize losses.

Use salvage in a sentence

The Smiths' property was a salvage because the damages done to the property by the storm was too much for anyone to move back into the home safely.

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Farm Bureau Insurance claimed three tractors two automobiles as salvage before paying ABC Company's insurance claim for the Hurricane Katrina disaster.

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Bob wanted to salvage any remaining baseball cards that did not burn. He could not save all of them from the fire, but he still had some that had good value.

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