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What is the Definition of Total Loss?

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 |

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Total Loss?

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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.

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a rider attached to a life insurance policy providing long term care for the terminally ill.

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association offering membership in various syndicates of wealthy individuals organized for the purpose of writing insurance for a particular hazard.

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