loss

(redirected from Losses Incurred)
Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia.

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 periodicals archive ?
To realize the full benefit of these amendments, we believe that the three-year carryback should be equally available for losses incurred after the announcement of the amendments.
Exhibit 3, page 98, illustrates the importance of the DI's location on the loss curve, In periods of increasing losses, the historical average loss rate typically is an insufficient estimate of losses incurred in the current period.
In addition to seeking restitution for losses incurred by these and other loans made without adequate appraisals, OTS seeks reimbursement for its costs in the proceeding and the underlying investigation.
In four of the past six months, the excess spread has not been sufficient to cover the monthly losses incurred.
1) terminate the contract for an unjustified reason, the contracting authority shall pay 2 000 LTL fine and compensate for the losses incurred by the contracting authority;
Summary: Many small time investors are faced with uncertainty as they try and cope with the losses incurred by them in the stock market due to financial fraud in IT service provider the Satyam.
The bank said that its American credit-card customers would have to pay more interest rates because of losses incurred by the company in its global card division.
165's "primary profit motive" language and limit deductions to losses incurred in a trade or business or in transactions entered into for profit that are not connected with a trade or business.
In his deficit-reduction plan, President Clinton supported allowing those active in rental real estate to use the losses incurred to offset the income realized from that activity.
that allowed Adjuster to pay Northbrook at the end of each policy period for losses incurred under the policies and paid by the insurance company.