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
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