UK: (1) event giving rise to a claim, (2) financial disadvantage incurred by the insured as a result of an adverse contingency; (3) cost of settlement of a claim (4) in the term underwriting loss, an excess of amounts payable over amounts receivable (in the usual accounting sense) referable to underwriting.
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US: (1) The basis of a claim for damages under the terms of a policy. (2) Loss of assets resulting from a pure risk. Broadly categorized, the types of losses of concern to risk managers include personnel loss, property loss, time element loss, and legal liability loss.
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MEDICAL,USA: 1. Reason for an insurance claim for recovery of indemnity or payment for damages. 2. Any reduction of the quantity, quality, or value of a property.
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UK: A claim under a policy. The financial loss caused to the insured by the occurrence of the event insured against. Certain ‘loss’ definitions such as constructive total loss are contained in the Marine Insurance Act 1906.
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A general term used to refer to the amount of a claim filed by the insured. This term can also mean the amount the insured’s property value decreased as a result of a loss. This term can also refer to the amount an insurer has paid on behalf of an insured.
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An unintentional decline or disappearance in value arising from an event.
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An unplanned decrease in a property (or other) value which can be measured in rupee terms. As regards insurance the term generally refer to (i) The amount of reduction in the value of an insured’s property caused by an insured peril. (ii) The amount sought through an insurance claim. (iii) The amount paid on behalf of an insured under an insurance contract. (02) What the Policyholder may suffer an what insurance is designed to cover.
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US: The happening of the event for which insurance pays.