term:

Loss

loss n

1 : physical, emotional, or esp. economic harm or damage sustained: as
a : decrease in value, capital, or amount compare gain
b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit
c : something unintentionally destroyed or placed beyond recovery
d : 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 NOTE: 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 event

actual 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 entry

capital loss
: the amount by which the book value of a capital asset exceeds the amount realized from the sale or exchange of the asset

casualty loss
: loss of property as a result of a fire, storm, shipwreck, or other catastrophic event

consequential loss
: a loss that arises as an indirect result of an act or event called also indirect loss compare direct loss in this entry

constructive 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 entry

direct loss
: a loss arising directly from an act or event compare consequential loss in this entry

in·di·rect loss
: consequential loss in this entry

net op·er·at·ing loss
: the amount by which the expenses of operating a business exceed the income derived from it see also carryback, carryover

ordinary loss
: a loss from the sale or exchange of any asset that is not a capital asset

partial loss
: a loss arising from damage to property that does not render it a total loss

total loss
: a loss arising from damage to property that is so substantial as to make the property valueless to an insured
2 : the act or fact of suffering physical, emotional, or esp. economic harm or detriment

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.