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Generally, that property remaining or saved after a loss. Also that portion of property which is taken over by the insurer after payment of a claim for the loss. The insured may retain profession of the salvaged property, at which time the insurance company will deduct the salvage value from the amount of the claim paid.

The expenses and costs incurred in preserving the property which was in danger, usually borne by the insurer.

The value of the asset remaining after its useful life has expired, commonly equivalent to scrap value.

A sale at which the buyer sees only a sample of the merchandise, which creates an express warranty that all the merchandise will confirm to the sample.

In a contract, that which would satisfy a reasonable person.

To comply with a demand, e.g., a judgement is satisfied when it is paid.

In insurance, a comprehensive listing of property, locations and amounts insured, and the applicable conditions. Also, a formula applied to determine an insurance rate.

Protects against loss from dishonesty or fraud by named individuals or named positions.

Use of fixed standards of construction and protection to develop insurance rates.

When property is itemized on a policy.