Loss

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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, 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 periodicals archive ?
Seven-Eleven Japan franchise stores currently have to cover the losses incurred on disposed food items.
165 (h) provides that a theft loss incurred by a noncorporate taxpayer on property not used in a trade or business or in a transaction entered into for profit is deductible to the extent that (1) it exceeds $100; and (2) added to other net casualty or theft losses incurred by the taxpayer for the tax year, it exceeds 10% of the tax-payer's adjusted gross income for the year.
Owing to losses incurred by its subsidiaries in Belgium, Germany and France, M&S sought to set profits against losses incurred by these subsidiaries for tax purposes in the United Kingdom, where the parent company is established.
Marks & Spencer went to court when it found it was unable to lower its UK tax bill by offsetting heavy losses incurred in the 1990s in German, French and Spanish subsidiaries
A lesson should be learned from the existing system - pounds 40 million of construction costs written off, pounds 10 million operating losses incurred, penalty clauses built into the manufacturer's contract for late delivery/faulty equipment not activated.
THE email in your letters page (September 19) that called those critical of the losses incurred by the Summer Pops "moaning minnies" was misguided.
Other examples include losses incurred due to lease terminations and increased financing expenses.
One question before that panel is a determination of the dollar amount of the rental losses incurred by Silverstein.
In response to the September 11, 2001, terrorist attacks on the United States, the Congress enacted the Air Transportation Safety and System Stabilization Act (Stabilization Act) that provided, among other things, $5 billion in emergency assistance to compensate the nation's air carriers for losses incurred as a result of the attacks.
The increase was minimal compared with losses incurred by oil distribution companies in the UAE over the last four months as a result of high prices of crude oil.
* increase provincial funding to non-profit agencies immediately to help offset the cuts by previous governments and start to address the losses incurred by inflation;
For example, a local company, which handles risk management, loss control, insurance liability, and legal defense of civil lawsuits for 16 municipalities in Ohio, recently conducted a 10-year analysis of financial losses incurred by accredited and nonaccredited member agencies.