Which term would describe an object that has incurred damage but has not yet been deemed a total loss?

The term that accurately describes an object that has incurred damage but has not yet been deemed a total loss is "salvage." In the context of insurance and property damage, salvage refers to property that can still be repaired or used even though it has been damaged. Salvaged items might require repairs or restoration, but they retain some value and have not been written off completely by the insurer.

This concept is important in insurance because it allows for the possibility of recovering part of the property’s value instead of applying a total loss scenario. Insurers often evaluate salvageable items to determine how much they can recover through repairs or resale, which can influence the overall claim settlement.

Other options, while related to the insurance terminology, do not fit the description as accurately. Actual loss pertains to the direct financial loss experienced due to damage. Obsolescence refers to a product or property becoming outdated or less useful due to changes in technology or market conditions. Depreciation involves the decrease in value over time due to wear and tear or age. These terms describe different aspects of value and loss but do not capture the specific scenario of damaged property that is still usable.