An improvement that increases property value as opposed to repairs or replacements that simply maintain value.
An improvement that does not add to the physical layout of a plant asset.
Charges made by car insurance companies as a result after a car repair is completed resulting in an improvement in an owner's vehicle. For example, a car tire with only 30% of its life left (tread depth measured in 1/32 of an inch) may by ruined in an car accident, and the car insurance company may charge the car owner 70% of the car replacement cost to compensate for the prior use of the car tire.
an improvement that adds to the value of a property or facility
The increase in the dollar value of physical property which often occurs when new property replaces old property after a loss covered by property insurance. For example, betterment means that your repaired vehicle is better than it was before the accident. The application of the principle of indemnity would require the adjuster to reduce the insurer's payment to the insured by the amount of the recognized betterment.
A reduction in an insurance claim payment arising out of the replacement of a partial worn part with a new part. An insurer applies betterment when a damaged vehicle part that has finite life span, such as a tire, is replaced by a new part. For example, if a new tire replaces a tire with 50% wear, the insurer will reduce the amount paid for the new tire by 50%.
Term used to describe additional benefit which may accrue to the party whose vehicle is being repaired. For instance, a tire may need to be replaced. But at the time of the accident, the wear and tear had only reached 40 percent. The insurance company may decide that they are only responsible for 60 percent of the replacement cost. Another example is with an upgrade in equipment such as a radio. If the customer is obtaining a higher quality radio than the damaged one. the insurance company may only cover the cost of the damaged radio.
Any improvement of real estate that results in a rise in market value of that property.
the amount by which the value of land is increased by development or by the grant of planning permission, or because of the development of neighbouring land.
An expenditure to make a capital asset more efficient or productive and/or extend the useful life of a capital asset beyond original expectations; also called improvements. Betterments are debited to a capital asset account.
The additional charge for a repair that improves the vehicle beyond its pre-accident condition. Betterment can be charged as a percentage or a dollar value.
An improvement upon property which increases the property value and is considered as a capital asset as distinguished from repairs or replacements where the original character or cost is unchanged.
The increase in value of retained land due to the acquisition of adjacent land by a body with compulsory purchase powers.
An improvement, addition, or replacement to a property that increases the value.
An improvement that increases property value, as distinct from repairs that simply maintain value. It's an upgrade, not just upkeep.
a reduction in claim compensation for a vehicle component which is worn; typically applied to items such as tires, batteries, and exhaust parts; much like pro-rating.
Where the results of repairs or replacement due to a loss results in the insured receiving something better than he had before the loss. The difference is known as "betterment." In most instances, this difference is discussed before the repairs or replacement is made and the insured has agreed to an appropriate figure as to his contribution for this "betterment." This is also referred to as "new for old."
The principle by which the insured makes a payment towards the cost of the claim because his or her property will be in better condition after repair than before the loss or damage occurred. For example if your car is in better condition after the insurer has repaired it, they may ask for a contribution to the claim.
A term used to express the difference in the value of property before loss and after restoration. If a 20-year roof is damaged by an insured peril and it has to be replaced in its 15th year and the restoration renews the 20-year life expectancy, the owner has obtained a 15-year betterment in the roof. Without replacement cost insurance on the roof, the owner is expected to reimburse the insurance company for the "betterment" entailed in the restoration. Also see Improvements and betterments.
Improvements made to a home or property that increase the value.
Where the results of repairs or replacement as a result of the loss results in receiving something better than had previous to the loss the difference is known as betterment.
The improvement of real estate that results in a rise in market value. Also, a legal concept of civil law: when a court award, judgment or order in favor of an injured party places that party in a better position than he would have been had his original injury never taken place.
A government improvement that adds to the value of real estate, such as sidewalks or sewerages.
Betterment occurs where a policyholder takes the opportunity to replace a lost or damaged item with a better item. The policyholder is responsible for the betterment content of the total cost.
See Improvements and Betterments Insurance.
An improvement made to a piece of property that increases its value, rather than a repair that simply maintains its current value.
An improvement (such as renovations and additions) that increases a property's value, different from routine home maintenance and repairs.
Term used to describe an item replaced due to an accident that has some wear. The practice is often applied to tires and batteries that are several years old. If a battery has used up 3/4 of its life, the Insurance company will pro-rate the item’s cost and in this case will pay 1/4 of the cost to replace the battery and will ask the insured or claimant to pay the remaining 3/4. The premise being that the Insurance Company is only obligated to return the vehicle to its pre-accident condition.
An improvement that increases a property's value as opposed to repairs that maintain the value.
An improvement on real property that increases the value and is considered a capital asset. Back to the Top
Term used to describe an improvement in property insured under a contract of indemnity resulting from its reinstatement or repair. The insurer may seek to reduce his liability on the ground of betterment.
If the settlement of a Claim results in the insured being in a better financial position than he was before the loss occurred, the extent of the improvement to his position is known as ‘betterment' and he would be expected to contribute towards the Claims settlement.
An improvement to real estate.
An improvement, replacement or maintenance which results in a higher asset valuation.
the value of the improvement in an insured property when it has been repaired or rebuilt following loss or damage.
An improvement that increases property value as distinguished from repairs or replacements that simply maintain value.
An improvement to property that increases its value, as opposed to repairs or changes that maintain its value only
An improvement on property, considered as a capital asset, that increases the value.
Physical improvements beyond mere maintenance or repairs that augment the value of a property .
An improvement to property that puts it in a better condition than it was before the occupancy or loss. See improvements and betterments coverage.
The value of the improvement in insured property when it has been repaired, or replaced after a loss.
An improvement or replacement that increases a property's value.
Betterment, making better, as opposed to worsement, is a general term used particularly in connection with the increased value given to real property by causes for which a tenant or the public, but not the owner, is responsible; it is thus of the nature of unearned increment. When, for instance, some public improvement results in raising the value of a piece of private land, and the owner is thereby bettered through no merit of his own, he gains by the betterment, and many economists and politicians have sought to arrange, by taxation or otherwise, that the increased value shall come into the pocket of the public rather than into the owner's. A betterment tax would be so assessed as to divert from the owner of the property the profit thus accruing unearned to him.