casualty


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Casualty

A serious or fatal accident. A person or thing injured, lost, or destroyed. A disastrous occurrence due to sudden, unexpected, or unusual cause. Accident; misfortune or mishap; that which comes by chance or without design. A loss from such an event or cause, as by fire, shipwreck, lightning, etc.

An inevitable casualty is one that occurs through no fault of anyone. It happens totally without design, as in the case of an accident resulting from an act of God, such as a house struck by lightning or flooded by a storm.

A casualty loss is a tax deduction that can be taken for an accident that is incurred in a trade or business, in a transaction entered into for profit, or for the complete or partial loss or destruction of property owned by the taxpayer. It arises from certain specific events such as a fire, an auto accident, or a flood. Casualty losses are computed subject to special rules and are treated as itemized deductions.

Many people purchase casualty insurance so that they will be protected or covered in the event of specific misfortune or accident. It is a type of insurance that covers losses resulting from injuries to people.

casualty

n. 1) an accident which could not have been foreseen or guarded against, such as a shipwreck caused by storm or fire caused by lightning. 2) the loss, as in life, from such an unavoidable accident. The courts remain inconsistent on the exact definition. (See: casualty loss)

casualty

noun accident, adversity, affliction, backset, bad fortune, blight, calamity, catastrophe, contretemps, débâcle, disaster, emergency, hardship, ill fortune, ill hap, incident, infliction, injury, misadventure, mischance, mishap, serious accident, setback, tragedy, unforeseen accident, unfortunate accident, unfortunate occurence
Associated concepts: casualty insurance, casualty loss
See also: accident, corpse, damage, disaster, expense, fatality, happenstance, misfortune, quirk, sacrifice, tragedy, victim
References in periodicals archive ?
These provisions extend the NOL carryback period from two to five years for NOLs attributable to (1) new investment and repair of existing investment in the areas damaged by Hurricane Katrina; (2) business casualty losses caused by Hurricane Katrina; and (3) moving expenses and temporary housing expenses for employees working in areas damaged by Hurricane Katrina.
By this time, I was given command of a two-hospital medical task force, supplemented by an ambulance platoon and a medical platoon to handle the bulk of chemical casualty decontamination that was expected.
Unfortunately, Congress did not make clear whether the passive loss rules apply to casualty losses incurred by taxpayers.
changed its name to Travelers Property Casualty Company of America, effective Jan.
In the next important case, Axelrod, (10) the majority opinion held that the taxpayer failed to prove (1) that the damage to his sailboat was the result of a casualty and (2) the amount of the damage.
Prudential Property and Casualty Insurance Company of New Jersey, Holmdel, N.
AXIS E&S Casualty provides primary General Liability Insurance and Product Liability Insurance for a broad array of business classes, including commercial and consumer products manufacturers, specialty entertainment and recreational accounts, building/premises risks and commercial contractors throughout the United States.
31, 1992, loss reserves of its Continental Casualty Company subsidiary were increased by $1.
has withdrawn the financial strength ratings (FSR) of A (Excellent) and the issuer credit ratings (ICR) of "a" and assigned an NR-5 (Not Formally Followed) to Boston Old Colony Insurance Company, The Buckeye Union Insurance Company, CNA Casualty of California, The Glens Falls Insurance Company, The Mayflower Insurance Company, Ltd, National-Ben Franklin Insurance Company of Illinois, Niagara Fire Insurance Company and Pacific Insurance Company (all domiciled in Illinois), Commercial Insurance Company of Newark, New Jersey, Continental Reinsurance Corporation, The Fidelity and Casualty Company of New York, Firemen's Insurance Company of Newark, New Jersey and Kansas City Fire and Marine Insurance Company (all domiciled in Pennsylvania).
Over the next several months, Ohio Casualty plans to take on a new challenge it believes has not yet been met within the industry: single-entry multiple-company interface, better-known as SEMCI.
American Re-Insurance Company, (part of the Aetna Life and Casualty Group), Princeton, N.