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LSDefine
Simple English definitions for legal terms
disaster loss
Read a random definition: Dodd-Frank: Title VI - Improvements to Regulation of Bank and Savings Association Holding Companies and Depository Institutions
A quick definition of disaster loss:
Disaster loss is when something bad happens unexpectedly, like a natural disaster, and you lose something valuable. This could be your home, your car, or other things you own. If you have insurance, they might pay you for the loss. The government might also help if they declare the area a disaster zone. It's important to be prepared for disasters and have a plan in case something bad happens.
A more thorough explanation:
Definition: A type of loss that occurs in a geographic area designated as a disaster area by the President. It is a casualty loss that is sustained due to an unexpected and uncontrollable event, such as a natural disaster.
Example: A hurricane hits a coastal town, causing widespread damage to homes and businesses. The residents and business owners in the affected area may experience disaster loss due to the destruction of their property and assets.
This example illustrates how a disaster loss is a type of casualty loss that occurs in a specific geographic area affected by a disaster. The loss is unexpected and uncontrollable, and it can have a significant impact on individuals and businesses in the affected area.