What is the Definition of Total Loss?
The condition of an automobile or other property when damage is so extensive that repair costs would exceed the value of the vehicle or property.
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 Annuity?
What is the Definition of Total Loss?
You can find random definition and meaning of insurance terms below:
What is the meaning of Liquor Liability
coverage for the liability of an entity involved in the retail or wholesale sales of alcoholic beverages, or the serving of alcoholic beverages, to persons who have incurred bodily injury or property damage arising from an intoxicated person.
What is the meaning of Living benefits rider
a rider attached to a life insurance policy providing long term care for the terminally ill.
What is the meaning of Lloyd's of London
association offering membership in various syndicates of wealthy individuals organized for the purpose of writing insurance for a particular hazard.
Thank you for visiting our website and read this FAQ article about "What is the Definition of Total Loss?". We hope you get what you searching for.
definitionly.com is a website that contains information about the definition or meaning of a word. You can search for the terms you are looking for in the search field above.