MN Public Adjuster Practice Questions - Minnesota Public Adjuster Exam

What is 'salvage' in property insurance?

The act of saving a building from demolition Damaged property that retains some residual value; the insurer may take possession of salvage or the insured may retain it with its value deducted from the settlement A type of insurance policy A discount on the premium

Correct Answer:

Damaged property that retains some residual value; the insurer may take possession of salvage or the insured may retain it with its value deducted from the settlement

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