Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

total loss

Read a random definition: dissolving condition

A quick definition of total loss:

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.

A more thorough explanation:

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.

  • If a car is completely destroyed in an accident, it is considered a total loss.
  • If a property is sold for less than its adjusted value, the difference is considered a loss.
  • If an insured property is damaged, the financial detriment caused by the damage for which the insurer becomes liable is considered a loss.

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.

totality-of-the-circumstances test | total-offset rule

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
LSD+ is ad-free, with DMs, discounts, case briefs & more.