Simple English definitions for legal terms
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Progressive loss is when something gradually gets worse or decreases in value over time. For example, if a car gets older and starts to break down, it is experiencing progressive loss. This can be a problem if you need to sell the car or if you rely on it for transportation. Progressive loss can also happen with things like investments or property. It is important to keep track of any progressive loss so you can make informed decisions about what to do with the affected item.
Progressive loss is a term used to describe a gradual and continuous decrease in value or quality of something. It can refer to various situations:
For example, if you own a car and its value decreases over time due to wear and tear, that's a progressive loss. Similarly, if you have a stock that loses value gradually over several months, that's also a progressive loss.