Simple English definitions for legal terms
Read a random definition: hazardous negligence
An extraordinary loss is a type of loss that happens unexpectedly and is not common. For example, if a natural disaster destroys a business, that would be an extraordinary loss. It is different from a regular loss, which is when something loses value over time or is damaged in a more common way. Extraordinary losses are usually very big and can have a big impact on a person or business.
Definition: An unusual and infrequent loss, such as a loss resulting from a natural disaster.
Examples:
These examples illustrate how an extraordinary loss is a significant and unexpected event that can have a major impact on a company's financial performance. These losses are not part of the normal course of business and are typically not anticipated or planned for.