What is the Definition of Economic Loss?

What is the Definition of Economic Loss?

Total financial loss resulting from the death or disability of a wage earner, or from the destruction of property. Includes the loss of earnings, medical expenses, funeral expenses, the cost of restoring or replacing property and legal expenses. It does not include noneconomic losses, such as pain caused by an injury.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Economic Loss?

What is the Definition of Economic Loss?

Check out other definition of insurance terms below:


Meaning of Treaty Reinsurance in Insurance Terms

A standing agreement between insurers and reinsurers. Under a treaty each party automatically accepts specific percentages of the insurer’s business.


Meaning of Uninsured Motorists Coverage in Insurance Terms

Portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers.


Meaning of Volatility in Insurance Terms

A measure of the degree of fluctuation in a stock’s price. Volatility is exemplified by large, frequent price swings up and down.


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