Simple English definitions for legal terms
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In law, loss refers to a decrease in a person's physical, emotional, legal, or financial situation. It can be divided into economic loss, which is any financial loss resulting from harm, and noneconomic loss, which includes pain, suffering, mental anguish, and other non-financial losses.
Examples of loss include:
For example, if someone is injured in a car accident, they may experience physical pain and emotional suffering, which are considered noneconomic losses. They may also incur medical bills and lost wages, which are considered economic losses.
Loss can also refer to specific types of loss, such as actual loss, actual total loss, constructive loss, direct loss, economic loss doctrine, proof of loss, and total loss. These terms are used in different legal contexts, such as insurance and contract law.