loss


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Related to loss: Deadweight loss, Lossa

Loss

Diminution, reduction, depreciation, decrease in value; that which cannot be recovered.

The term loss is a comprehensive one, and relative, since it does not have a limited or absolute meaning. It has been used interchangeably with damage, deprivation, and injury.

In the law of insurance, a loss is the ascertained liability of the insurer, a decrease in value of resources, or an increase in liabilities. It refers to the monetary injury that results from the occurrence of the contingency for which the insurance was taken out.

Loss of earning capacity is an injury to an individual's ability to earn wages at a future time and may be recovered as an element of damages in a tort case.

loss

n. 1) the value placed on injury or damages due to an accident caused by another's negligence, a breach of contract or other wrongdoing. The amount of monetary damages can be determined in a lawsuit. 2) when expenses are greater than profits, the difference between the amount of money spend and the income. (See: damages)

loss

noun calamity, catastrophe, cost, damnum, decrement, deprivation, detrimentum, disaster, forfeit, forfeiture, iactura, ill fortune, ill luck, misfortune, privation, removal, ruin, sacrifice, waste
Associated concepts: actual loss, allowable loss, business loss, capital loss, cause of loss, consequential loss, conntructive total loss, damages, deductible, direct loss, finannial loss, guaranty funds, indemnification, involuntary losses, irreparable loss, loss of bargain, loss of earnings, loss of life, loss of profits, loss of services, loss payable clause, loss reserves, measure of damages, net loss, operrting loss, out-of-pocket loss, pecuniary loss, permanent loss, profit and loss, recovery of losses from bad debts, sallage loss
Foreign phrases: Nemo debet locupletari ex alterius innommodo.No one ought to gain by another's loss. Fictio legis inique operatur alieni damnum vel injuriam. Fiction of law is wrongful if it works loss or harm to anyone. Non omne damnum inducit injuriam. Not every loss produces an injury. Lex citius tolerare vult privatum damnum quam publicum malum. The law would rather tolerate a private loss than a public evil. Officium nemini debet esse damnosum. An office ought to be injurious to no one. Non videntur rem amittere quibus propria non fuit. Persons to whom a thing did not belong are not considdred to have lost it.
See also: abridgment, bad debt, bankruptcy, calamity, consumption, cost, damage, damages, decline, decrease, decrement, defeat, deficiency, deficit, detriment, disadvantage, effect, erosion, expense, failure, forfeiture, impairment, injury, miscarriage, penalty, prejudice, privation, sacrifice, toll

LOSS, contracts. The deprivation of something which one had, which was either advantageous, agreeable or commodious.
     2. In cases of partnership, the losses are in general borne by the partners equally, unless stipulations or circumstance's manifest a different intention. Story, Partn. Sec. 24. But it is not essential that the partners should all share the losses. They may agree, that if there shall be no profits, but a loss, that the loss shall be borne by one or more of the partners exclusively, and that the others shall, inter se, be exempted from all liabilities for losses. Colly. Partn. 11; Gow, Partn. 9; 3 M. & Wels. 357; 5 Barn. & Ald. 954 Story, Partn. Sec. 23.
     3. When a thing sold is lost by an accident, as by fire, the loss falls on the owner, res perit domino, and questions not unfrequently arise, as to whether the thing has been delivered and passed to the purchaser, or whether it remains still the property of the seller. See, on this subject, Delivery.

References in classic literature ?
The enemy's loss uncertain, only two scalps being taken.
It is not so much the loss of the money that vexes me," said Villefort, "though, after all, 900,000 francs are worth regretting; but I am the more annoyed with this fate, chance, or whatever you please to call the power which has destroyed my hopes and my fortune, and may blast the prospects of my child also, as it is all occasioned by an old man relapsed into second childhood.
The Nez Perces, however, notwithstanding their recent loss, were still careless of their horses; merely driving them to some secluded spot, and leaving them there for the night, without setting any guard upon them.
He was sitting one gloomy evening by his window, revolving over the loss of the Tonquin and the fate of her unfortunate crew, and fearing that some equally tragical calamity might have befallen the adventurers across the mountains, when the evening newspaper was brought to him.
I'm not sure if the best thing wouldn't be to cut the loss.
They had not come from Berande; neither had the forty flasks of black powder found under the corner-post of the house; and while he could not be sure, he could remember no loss of eight boxes of detonators.
For if you use your sting, it shall remain in the wound you make, and then you will die from the loss of it.
How dare you mention the loss of my temper in connection with this case?
With frantic exclamations such as these, and with many others in which fear, grief, and rage, were strangely blended, the panic- stricken wretch gradually subdued his first loud outcry, until it had softened down into a low despairing moan, chequered now and then by a howl, as, going over such papers as were left in the chest, he discovered some new loss.
So there will be no loss whatever of gas, and all the expansive force of the powder will be employed in the propulsion.
For instance, what reader but knows that Mr Allworthy felt, at first, for the loss of his friend, those emotions of grief, which on such occasions enter into all men whose hearts are not composed of flint, or their heads of as solid materials?
For my part, anyway, whatever I've spent money on in the way of husbandry, it has been a loss: stock--a loss, machinery--a loss.