Economic or use value

{
  "id": "MLC-T-INS-001255",
  "term": "Economic or use value",
  "field": "Insurance and risk management",
  "definition": "The value of an asset or property based on its utility and the benefits it provides to its owner or user, rather than its market price or replacement cost. This value considers the income-generating potential, functional benefits, or subjective satisfaction derived from the asset. In insurance, it can be relevant for valuing unique items or specialized equipment where market comparables are scarce.",
  "url": "https://mlchart.com/terminology/insurance/economic-or-use-value/"
}