When determining losses, which term refers to what a property could be sold for at the time of the loss?

The term that refers to what a property could be sold for at the time of the loss is "market value." Market value represents the price that a willing buyer would pay to a willing seller in the open market, assuming both parties are informed about the asset and neither is under any compulsion to act. This concept is crucial in insurance and property valuation because it reflects the actual worth of an asset at a specific point in time, particularly following a loss.

In contrast, salvage value pertains to the estimated resale value of an item after it has been damaged or is no longer usable for its original intended purpose. Agreed value is a predetermined amount that both the insurer and the insured agree upon at the time the insurance policy is issued, often not reflecting the current market conditions. Replacement cost refers to the cost of replacing an asset with a new one of similar kind and quality, not taking into account depreciation or current market fluctuations. Each of these terms serves a different purpose in the context of property insurance and valuation, but for determining the potential sale price of a property at the time of loss, market value is the most accurate descriptor.