actual total loss
- actual total loss actual total loss ➔ loss
* * *actual total loss UK US noun [C or U] (ABBREVIATION ATL) INSURANCE► a situation in which insured property is totally destroyed, lost, or made useless, and the insurance company pays the maximum amount: »
They claimed that the capture and removal of the ship to Somali waters constituted an actual total loss under the Marine Insurance Act.
Financial and business terms. 2012.
Look at other dictionaries:
actual total loss — see loss Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
Actual Total Loss — A loss that occurs when the insured property is totally destroyed or is damaged in such a way that it can be neither recovered nor repaired for further use, or the insured is irretrievably deprived of it. Usually, this indicates the maximum… … Investment dictionary
actual total loss — The complete destruction or loss of an insured item or one that has suffered an amount of damage that makes it cease to be the thing it originally was. For example, a motor car would be an actual total loss if it was destroyed, stolen and not… … Big dictionary of business and management
actual total loss — This term as used in marine insurance means just what it implies, a total and actual loss to the insured of the subject matter of the insurance. To enable the insured to recover for a total loss, there must be a total destruction of value. It is… … Ballentine's law dictionary
total loss — Fire insurance. The complete destruction of the insured property by fire, so that nothing of value remains from it; as distinguished from a partial loss, where the property is damaged, but not entirely destroyed. Test whether building burned is… … Black's law dictionary
total loss — The complete destruction of the property covered by an insurance policy. The complete destruction of a building as a building, although not necessarily the extinction of all its parts as materials or such destruction that no part is left standing … Ballentine's law dictionary
constructive total loss — ➔ loss * * * constructive total loss UK US noun [C or U] (ABBREVIATION CTL) ► INSURANCE a situation in which insured property, especially a ship, is not completely destroyed, but so badly damaged that the cost of repairing it is greater than the… … Financial and business terms
constructive total loss — A loss in which the item insured is not totally destroyed but is so severely damaged that it is not financially worth repairing. The Marine Insurance Act (1906) defines a constructive total loss as one in which «the subject matter insured is… … Big dictionary of business and management
constructive total loss — In insurance, exists whenever insured item of property has lost its total usefulness and insured is deprived of its benefit totally. See also constructive loss actual total loss … Black's law dictionary
loss — n 1: physical, emotional, or esp. economic harm or damage sustained: as a: decrease in value, capital, or amount compare gain b: an amount by which the cost of something (as goods or services) exceeds the selling price compare … Law dictionary