Total Loss


Definition of "Total loss"

Sonny Luckhai
Sonny Luckhai Virtual Properties

Condition of real or personal property when it is damaged or destroyed to such an extent that it cannot be rebuilt or repaired to equal its condition prior to the loss.

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Classification

Same as term Class: group of insureds with the same characteristics, established for rate-making purposes. For example, all wood-frame houses within 2 ...

Paid Losses

Actual amount of total losses paid by an insurance company during a specified time interval. ...

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Group of insureds with the same characteristics, established for rate-making purposes. For example, all wood-frame houses within 200 feet of a fire pl ...

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Percentage of confidence in a finding. For example, if an insurance company's total loss reserves should be $10,000,000 in order to attain an 80% conf ...

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