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Simple English definitions for legal terms

known-loss doctrine

Read a random definition: nothous

A quick definition of known-loss doctrine:

The known-loss doctrine is a rule in insurance that says if you already know about a loss before you get insurance, or if it's very likely to happen, then the insurance company won't cover it. This is also called the known-risk doctrine.

A more thorough explanation:

The known-loss doctrine is a principle in insurance that denies coverage when the insured is aware, before the policy takes effect, that a specific loss has already occurred or is highly likely to happen. This is also known as the known-risk doctrine.

For example, if a homeowner purchases insurance after their house has already been damaged in a fire, the insurance company may deny coverage for that specific loss. Similarly, if a business owner purchases insurance after a lawsuit has been filed against them, the insurance company may deny coverage for that lawsuit.

Another example would be if a person purchases travel insurance after a hurricane has already been forecasted to hit their destination. If the person's flight is cancelled due to the hurricane, the insurance company may deny coverage because the loss was already known before the policy was purchased.

These examples illustrate how the known-loss doctrine works in practice. Insurance companies want to protect themselves from individuals who try to purchase insurance after a loss has already occurred or is highly likely to occur. By denying coverage in these situations, insurance companies can prevent fraud and ensure that premiums are being used to cover legitimate losses.

known heir | koop

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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