What does Salvage mean?

Through my research, I learned there are 3 typical ways a vehicle ends up with a salvage title.

* The most common is collision damage -- smashed front end, rear end, rollover, etc.

* The second is Flood damage. Flood damage results in a car with a lot of electrical problems in the windows, door locks, engine timing, light systems, radio, etc. Mold is also a concern.

* The type I searched for was a Theft salvage title. These are cars that are stolen, the insurance company refunds the owner, and classifies the car as salvage. If the car is recovered, the insurance company owns it and resells it on the salvage/export markets.