What does Loss mean? Read on to discover the definition & meaning of the term Loss - to help you better understand the language used in insurance policies.
Loss, in the context of insurance, refers to damage or injury the policyholder suffers due to a peril, i.e., an accident or unfortunate event. It often is some sort of harm to a person, such as a concussion after an auto accident, or a reduction in property value. Insurance policies exist to protect people from substantial financial losses.
We hope the you have a better understanding of the meaning of Loss.