total loss
Definition
Destruction of an asset or property to the extent that nothing of value is left, and the item cannot be repaired or rebuilt to its pre-destruction state. Some types of insurance policies pay the maximum covered amount only in case of total loss.
total loss is in the General, Marine, & Life Insurance subject.
total loss appears in the definitions of the following terms:
indemnity principle,
average without percentage,
job sharing,
proof of loss,
appraisal,
total loss only (TLO) insurance,
catastrophic failure,
investor,
wildcat business,
first loss policy
and
This content can be found on the following page:
http://www.businessdictionary.com/definition/total-loss.html
email to a friend print this definition cite this definition








