loss

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Related to losses: Hysteresis losses

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 ?
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.