{"id":362783,"date":"2013-01-28T16:34:14","date_gmt":"2013-01-28T21:34:14","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/dictionary\/definition\/loss.html"},"modified":"2013-01-28T16:34:14","modified_gmt":"2013-01-28T21:34:14","slug":"loss","status":"publish","type":"dictionary","link":"https:\/\/dictionary.findlaw.com\/definition\/loss.html","title":{"rendered":"Loss"},"content":{"rendered":"\n
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term:<\/p>\n

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n<\/p><\/dt>\n

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

actual loss<\/b>
:<\/b> the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event <\/p>\n

actual total loss<\/b>
:<\/b> a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constructive total loss<\/a> in this entry <\/p>\n

capital loss<\/b>
:<\/b> the amount by which the book value of a capital asset exceeds the amount realized from the sale or exchange of the asset <\/p>\n

casualty loss<\/b>
:<\/b> loss of property as a result of a fire, storm, shipwreck, or other catastrophic event <\/p>\n

consequential loss<\/b>
:<\/b> a loss that arises as an indirect result of an act or event called also indirect loss<\/i> compare direct loss<\/a> in this entry <\/p>\n

constructive total loss<\/b>
:<\/b> 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<\/a> in this entry <\/p>\n

direct loss<\/b>
:<\/b> a loss arising directly from an act or event compare consequential loss<\/a> in this entry <\/p>\n

in·di·rect loss<\/b>
:<\/b> consequential loss <\/a> in this entry <\/p>\n

net op·er·at·ing loss<\/b>
:<\/b> the amount by which the expenses of operating a business exceed the income derived from it see also carryback<\/a>, carryover<\/a> <\/p>\n

ordinary loss<\/b>
:<\/b> a loss from the sale or exchange of any asset that is not a capital asset <\/p>\n

partial loss<\/b>
:<\/b> a loss arising from damage to property that does not render it a total loss <\/p>\n

total loss<\/b>
:<\/b> a loss arising from damage to property that is so substantial as to make the property valueless to an insured
2<\/b> :<\/b> the act or fact of suffering physical, emotional, or esp. economic harm or detriment <\/p>\n<\/dd>\n<\/dl>\n

Source: Merriam-Webster’s Dictionary of Law \u00a91996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.<\/div>\n<\/div>\n
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Related Terms from the Bankruptcy and Debt Law Glossary<\/h2>\n\t\n\t
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