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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
QBUs operating in a hyperinflationary environment are subject to a different method of accounting for currency gains and losses, and therefore are excluded from the section 987 regulations.
The buildings that had enacted all of FM Global's recommendations reported losses of 34 cents for every $100 in insured value, compared with those who had not enacted all the recommendations, which reported losses of $2.34 per $100 in insured value.
(iii) Transmission times and transmission losses between UCN valve and source or detector were neglected.
The ability to set a premium that will retain sufficient net amount after expenses to cover the expected incurred losses of the group is the ultimate driver of success.
Production changes: Cleaning equipment prior to using it for another product can cause multi-day losses.
Second, unrealized gains of some assets could offset unrealized losses of others, resulting in no required write-off.
Defensive retreat, also called denial, is a time when individuals withdraw from the painful feelings associated with their losses (Luey).
Probably the largest portion of the population are individuals who had been sighted and hearing for the majority of their lives and have acquired age-related sensory losses. These people are particularly vulnerable because the sensory losses are often dismissed as a normal part of the aging process and are not recognized as a cause of functional problems that could be remediated with rehabilitation services.
Today, every firm has to build an operating asset insurance program that guarantees protection against potential losses at the best possible price.
Losses may be symbolic and psychosocial, even when they are not recognized or validated by others.