Loss
/ˈlɒs/
Definitions
- (n.) The detriment or damage resulting from deprivation, destruction, or harm to property, person, or rights.
The company suffered a loss of $1 million last quarter.
- (n.) In insurance law, the amount of financial detriment indemnified under a policy.
The policy covers loss due to fire damage.
Forms
- losses
Related terms
See also
Commentary
In contracts, clearly define what constitutes 'loss' to avoid ambiguity in liability and indemnity provisions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.