total loss
total loss definition - business
total loss
Damage so extensive that the cost of repair exceeds the value of the property. For example, a casualty insurance company might declare a damaged vehicle a total loss and purchase the vehicle from the insured rather than pay to have it repaired.
The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
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total loss definition - legal
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