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loss n1: physical, emotional, or esp. economic harm or damage sustained: asa: decrease in value, capital, or amount compare gainb: an amount by which the cost of something (as goods or services) exceeds the selling price compare profitc: something unintentionally destroyed or placed beyond recoveryd: the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy◇ As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations.actual loss: the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or eventactual total loss: a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constructive total loss in this entrycapital loss: the amount by which the book value of a capital asset exceeds the amount realized from the sale or exchange of the assetcasualty loss: loss of property as a result of a fire, storm, shipwreck, or other catastrophic eventconsequential loss: a loss that arises as an indirect result of an act or event – called also indirect loss; compare direct loss in this entryconstructive total loss: a loss in marine insurance in which the cost of repairing or recovering a ship or its cargo would be more than the ship or cargo is worth compare actual total loss in this entrydirect loss: a loss arising directly from an act or event compare consequential loss in this entryin·di·rect loss: consequential loss in this entrynet op·er·at·ing loss: the amount by which the expenses of operating a business exceed the income derived from it see also carryback, carryoverordinary loss: a loss from the sale or exchange of any asset that is not a capital assetpartial loss: a loss arising from damage to property that does not render it a total losstotal loss: a loss arising from damage to property that is so substantial as to make the property valueless to an insured2: the act or fact of suffering physical, emotional, or esp. economic harm or detriment
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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I
noun
calamity, catastrophe, cost, damnum, decline, decrement, deprivation, detrimentum, disaster, failure, 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, constructive total loss, damages, deductible, direct loss, financial 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, operating loss, out-of-pocket loss, pecuniary loss, permanent loss, profit and loss, recovery of losses from bad debts, salvage loss
foreign phrases:
- Nemo debet locupletari ex aiterius incommodo. — 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 induclt 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 neminl debet esse damnosum. — An office ought to be injurious to no one- Non videntur rem amittere qulbus propria non fult. — Persons to whom a thing did not belong are not considered to have lost itII index abridgment (disentitlement), bad debt, bankruptcy, calamity, consumption, cost (penalty), damage, damages, decline, decrease, decrement, defeat, deficiency, deficit, detriment, disadvantage, erosion, expense (sacrifice), failure (lack of success), forfeiture (thing forfeited), impairment (damage), injury, miscarriage, penalty, prejudice (injury), privation, toll (effect)
Burton's Legal Thesaurus. William C. Burton. 2006
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n.The fact or act of losing something; something that is lost; the detriment or damage resulting from the destruction or ruin of something; injury; expense.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
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1) The value placed on injury or damages due to an accident caused by another's negligence, 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 spent and the income.Category: Accidents & InjuriesCategory: Business Cash Flow Problems & BankruptcyCategory: Business, LLCs & Corporations → Business Accounting, Bookkeeping & FinancesCategory: Business, LLCs & Corporations → Business Tax & DeductionsCategory: Criminal LawCategory: Personal Finance & Retirement → Taxes → Tax AuditsCategory: Small Claims Court & LawsuitsCategory: Small Claims Court
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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The occurrence of the event for which insurance pays.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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n.1 The death of an insured person or damage to insured property.2 The amount that the value of personal or real property exceeds the proceeds from its sale.3 Generally, the complete or partial diminishment of the value of an asset or of a human life.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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Diminution, reduction, depreciation, decrease in value; that which cannot be recovered.
Dictionary from West's Encyclopedia of American Law. 2005.
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Diminution, reduction, depreciation, decrease in value; that which cannot be recovered.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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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 spent and the income.See also: damages
Law dictionary. EdwART. 2013.
