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The end of law is not to abolish or restrain, but to preserve and enlarge freedom.
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Legal Definitions - salvage loss
If we desire respect for the law, we must first make the law respectable.
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Definition of salvage loss
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.
Injustice anywhere is a threat to justice everywhere.
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Simple Definition
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.
The life of the law has not been logic; it has been experience.
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