total loss
Noun
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Noun
total loss (plural total losses)
- (accounting) An insured item of which the entire value is written off
- qual insurance An insured item that is written off when it is beyond repair, or when the cost of repair exceeds the insured value.
- The ship was declared a constructive total loss.
This text is extracted from the Wiktionary and it is available under the CC BY-SA 3.0 license | Terms and conditions | Privacy policy 0.002