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 ?
The actual conduct of combat casualty care seemed anticlimatic after the months of preparation.
Boston-based Liberty Mutual Group is a diversified global insurer and sixth largest property and casualty insurer in the United States based on 2005 direct written premium.
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.
Prudential Property and Casualty Insurance Company of New Jersey, Holmdel, N.
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.
During the course of this conference call, Ohio Casualty Corporation may make projections or other forward-looking statements regarding future events or the future financial performance of the Corporation.
Prior to that, she managed Zurich's Special Casualty unit for 11 years focusing on primary surplus lines casualty business.
system--an Internet-based system designed to support all business lines--as a platform, Ohio Casualty plans to achieve true SEMCI across its commercial and personal lines.
Effective December 31, 2006, CNA Casualty of California merged into Continental Casualty Company (Illinois), and the remaining companies listed above merged either directly or indirectly into The Continental Insurance Company (Pennsylvania).