Simple English definitions for legal terms
Read a random definition: liquidity
Total loss means something is completely destroyed or lost. It can happen unexpectedly and can cause a lot of financial damage. For example, if a car is in an accident and can't be fixed, it's considered a total loss. Insurance can help cover the cost of a total loss. There are different types of losses, like direct loss which happens right away, and consequential loss which happens because of the damage. It's important to be careful and try to prevent total losses from happening.
Total loss refers to an undesirable outcome of a risk where there is a disappearance or reduction in value, usually in an unexpected or unpredictable way. It can also refer to the failure to maintain possession of something.
These examples illustrate how total loss can occur in different situations, such as in accidents, sales, and insurance claims. In each case, there is a significant reduction in value or loss of possession that results in a total loss.