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Simple English definitions for legal terms

known-loss doctrine

Read a random definition: GIPSA

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.

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babycat
12:12
@ChowieBean: me too lol. you applying to public interest scholars program?
12:14
yes def applying public interest
12:16
i was raised like blocks away from umiami
12:16
idk if i wanna go back to florida tho so im applying there as safety/target 💀
12:25
@ChowieBean: doing the same thing
Does anyone think au gonna get back to us today
My app was complete Oct 11
If yes what time
Dkk
12:29
Sure, yes! 11:22:24 PST
ClassyPleasantHeron
12:30
I wonder if Berk was updating their system so that they could watch more video.
1a2b3c4d26z
12:41
They updated it so they could watch my video one trillion times
brookyln law portal just added person id and application id for me, what does it mean??
Dkk
12:52
@VolatileClumsyAcolyte: well someone got an A so maybe an A
just checked the reddit, apparently it means nothing..
HAPPY FRIDAY HAPPY UCLA DAY
what time would they release cuz west coast
BulbasaurNoLikeCardio
12:54
I hate that Vanderbilts portal gives no status
HopefullyInLawSchool
12:54
@VolatileClumsyAcolyte: did you apply YM to Brooklyn?
JumpySubsequentDolphin
12:57
@SplitterusClitterus: THEY BETTER HAVE AN A WAVE TODAYYY
glovediedthisishismom
12:57
kendrick lamar
glovediedthisishismom
12:57
album
JumpySubsequentDolphin
12:57
I think usually they release at like 1ish?
JumpySubsequentDolphin
12:57
@glovediedthisishismom: GNXXXX
babycat
12:59
I heard if you apply YM at Brooklyn specifically it’s the equivalent of like a 5 LSAT point boost
HopefullyInLawSchool
13:00
^^^^This
13:00
does anyone have any information on lsu? I have only heard of 1 person getting a decision and its driving me insane
HopefullyInLawSchool
13:01
Just info on their YM applications but nothing else
HopefullyInLawSchool
13:02
@BeFree03:
13:04
yeah thats all i am seeing as well. i have literally looked everywhere trying to find at least a time of day for decisions but theres nothing
CuriousPanda2362
13:04
I feel like it’s the calm before the storm
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