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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.


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)


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 periodicals archive ?
165(c)(2) deals with losses incurred in activities entered into for profit, but not otherwise connected with a trade or business.
Note, however, that this one-time election also subjects intercompany stock losses incurred under the former regulations to the new regulations, which may cause losses that would otherwise be allowable to be disallowed (see the discussion under election #1).
In six of the past 12 months, the excess spread has not been sufficient to cover the monthly losses incurred.
172(f) included losses incurred due to state tax assessments, the interest on such assessments and the interest on Federal tax deficiencies.
As discussed in the previous section, excess spread from Group 2 is available to offset losses incurred in Group 1 after Group 2 losses have been accounted for.
1502-15(a)(2)(i) provides that the term "built-in deductions" does not include deductions or losses incurred in rehabilitating a corporation.
In four of the past 6 months, the excess spread has not been sufficient to cover the monthly losses incurred and as a result, OC has further deteriorated.
1990, the Court of Appeals has held that the "tax benefit rule" entitled Allstate to exclude from taxable income subrogation recoveries in 1971 related to losses incurred in 1969.
Besbeck stated, "The operating losses incurred by the Company during the three-month period ended March 31, 2006, were primarily a result of two factors.
Analyzing approximately 21,000 such losses incurred by more than 1,400 golf courses between 1987 and 2004, this is the most comprehensive study of its kind.
Best anticipates a modest profit after tax of approximately EUR 250,000 (USD 296,000) in 2005 factoring losses incurred from the January 2005 U.
These affirmations, downgrades, and removals from Rating Watch Negative are due to a decline in credit enhancement as a result of losses incurred from the Delphi Corporation credit event.