actual total loss (ATL)
Definition
Loss that occurs when the insured property (1) is totally destroyed, (2) is so damaged that it is no longer the thing that was insured, (3) is useless for the purpose for which it was bought (such as water soaked cement), or (4) mysteriously disappears. On the occurrence of an ATL, no notice of abandonment may be required to be given to the insurer. Also called total loss. See also abandonment, and constructive total loss.
Mentioned in these definitions
Popular 'Accounting & Auditing' Terms
actual total loss (ATL) in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/actual-total-loss-ATL.html
