What is described as the portion of property value that remains after a loss?

The portion of property value that remains after a loss is referred to as salvage. This term specifically denotes the value that can still be retrieved from a damaged property, such as a vehicle after an accident, or any residual value that is left after assessing the total loss. When a property suffers damage, it may retain some worth either due to parts that can be repaired or sold, or due to materials that can be salvaged.

In the context of auto damage appraisal, understanding salvage value is crucial because it affects the overall determination of loss and can influence the settlement between an insurer and the insured party. It accounts for the value of what can still be recovered from the asset, even after an adverse event has occurred.

The other options represent different concepts that do not specifically capture the idea of value remaining after a loss. Depreciation refers to the reduction in value over time, equity denotes ownership value of an asset minus any liabilities attached to it, and an asset is simply any resource owned that has economic value. Therefore, understanding the notion of salvage is vital for accurate appraisal in situations involving damages.