{"id":11523,"date":"2017-12-25T02:19:01","date_gmt":"2017-12-25T02:19:01","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11523"},"modified":"2023-01-25T00:34:34","modified_gmt":"2023-01-25T00:34:34","slug":"loss-the-decrease-or-total-diminishing-in-value-of-property-usually-in-an-unexpected-or-relatively-unpredictable-way-or-the-act-of-losing-something-that-is-gone-and-cannot-be-recovered-such-as-a","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11523","title":{"rendered":"Loss – the decrease in value or destruction of property, or the act of losing something that is gone and cannot be recovered, such as a life, friendship, etc."},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0 This page is continued from Civil Complaint Self-Help Walkthrough<\/a> >>>> Section 2<\/a>:<\/strong><\/span><\/p>\n

************************<\/p>\n

loss<\/span>:<\/strong><\/span>
\n(bef. 12c)<\/span><\/p>\n

1. An undesirable outcome of a risk; the disappearance. or diminution of value, usually in an unexpected or relatively unpredictable way.\u00a0 *\u00a0 When the loss is a decrease In value, the usual method of calculating the loss is to ascertain the amount by which a thing\u2019s original cost exceeds its later selling price. <\/span><\/strong><\/p>\n

2.<\/strong> Tax<\/em>. The excess of a property\u2019s adjusted value over the amount realized from its sale or other disposition.<\/strong> IRC (26 USCA) \u00a7 1001. \u2014 aka realized loss<\/strong><\/em><\/span>.\u00a0 See AMOUNT REALIZED.\u00a0 Cf. GAIN (3). <\/span><\/p>\n

3.<\/strong> Insurance<\/em>. The amount of financial detri<\/strong><\/span>ment caused by an insured person\u2019s death or an insured <\/span>property\u2019s damage, for which the insurer becomes liable. <\/span><\/strong><\/p>\n

4. The failure to maintain possession of a thing. <\/span><\/strong>[1]<\/span><\/p>\n

1. A deprivation.\u00a0 Damage; also the act of losing and the thing lost.\u00a0 22 Am J2d Damg \u00a7 1<\/span>.<\/span><\/strong>
\n\u00a0\u00a0\u00a0\u00a0 The word is not one of limited, hard and fast meaning.\u00a0 There are many kinds of loss, besides money out of pocket.\u00a0 No man would doubt that he might rightly call a “loss” that event which changed his status from solvency to insolvency.\u00a0 In the strictest sense of the word a man against whom a tort judgment has bcome final has suffered a loss.\u00a0 Schambs v Fidelity & Casualty Co<\/em>. (CA5 La) 250 F 6, 6 ALR 1231, 1233<\/span>.<\/span><\/strong>
\n\u00a0\u00a0\u00a0\u00a0 Even though a showing of losses may be necessary to constitute the particular transaction a joint adventure, the term “loss” does not necessarily mean actual monetary loss.\u00a0 There is a loss if one’s time has been for nought.\u00a0 Summers v Hoffman<\/em>, 341 Mich 686, 69 NW2d 198, 48 ALR2d 1033<\/span>.<\/span><\/strong>
\n\u00a0\u00a0\u00a0\u00a0 See fire loss<\/em>; indemnity insurance<\/em>; liability insurance<\/em>; proof of loss<\/em>; risk and causes of loss<\/em>. [2]<\/span><\/p>\n

1. A deprivation.\u00a0 The word “loss” connotes both the act of losing and the thing loss.\u00a0 it is not a word of hard and fast meaning.\u00a0 It does not necessarily mean actual monetary loss; it may refer to an event such as a death, or the end of a friendship, or to anything that is gone and cannot be recovered.\u00a0 <\/span><\/strong>
\n\u00a0\u00a0\u00a0\u00a0 In the law, the word “loss” chiefly appears int eh context of liability, injury, or damage and damages, and therefore, not surprisingly, insurance.\u00a0 In the context of insurance, loss is the consequence of the occurrence of the risk against which the insurance company has agreed to indemnify the insured.\u00a0 The term is also applied extensively in tax law, where it is used in contradistinction to gin, and refers to transactions involving an excess of expense over revenue.<\/strong> [3]<\/span><\/p>\n

Legal Terms used
\nin relation to assessing Losses:<\/span><\/span><\/strong><\/span><\/p>\n

proximate<\/span><\/a> – very near or close, or happening immediately before or after.<\/strong><\/span><\/p>\n

remote<\/span><\/a> – far removed or separated in dime, space, or relation; or slight; little; inconsequential.<\/strong><\/span><\/p>\n

Types of Losses:<\/span><\/strong><\/p>\n

capital loss<\/span>:<\/strong><\/span> (1921) The loss realized upon selling or exchanging a capital asset.\u00a0<\/strong> Cf. CAPITAL GAIN.<\/span><\/p>\n

economic loss<\/span>:<\/strong><\/span>\u00a0 See ECONOMIC LOSS.<\/span><\/p>\n

expectation loss<\/span>:<\/strong><\/span> See benefit-of-the-bargain damages under DAMAGES.<\/span><\/p>\n

long-term capital loss<\/span>:<\/strong><\/span> (1938) A loss on a capital asset held for an extended period, usually at least 12 months.<\/strong><\/span><\/p>\n

net loss<\/span>:<\/strong><\/span> (18c) The excess of all expenses and losses over all revenues and gains.<\/strong><\/span><\/p>\n

net operating loss<\/span>:<\/strong><\/span> (1921) The excess of operating expenses over revenues, the amount of which can be deducted from gross income if other deductions do not exceed gross income.<\/strong> \u2014: Abbr. NOL. .<\/span><\/p>\n

out~of-pocket loss<\/span>:<\/span><\/strong> (1921) The difference between the value of what the buyer paid and the\u2018 market value of what was received in return.\u00a0 *\u00a0 In breach-of~contract <\/strong><\/span>cases, out-of-pocket loss is used to measure restitution damages.<\/strong>
\n<\/span><\/p>\n

paper loss<\/span>:<\/strong><\/span> (1924) A loss that is realized only by selling something (such as a security) that has decreased in market value. <\/strong>\u2014 aka unrealized loss<\/strong><\/em><\/span>.<\/span><\/p>\n

salvage loss<\/span>:<\/span><\/strong> (1831) 1. Generally, a loss that presumptively would have been a total loss if certain services had <\/strong><\/span>not been rendered. 2.<\/strong> Marine underwriting<\/em>. The difference between the salvage value, less the salvage charges, and the original value of the insured property.<\/strong><\/span><\/p>\n

General Terms used for
\nDescribing and Assessing
\nVarious Types of Losses:<\/span><\/span><\/strong><\/p>\n

consequential loss<\/span><\/a> – a loss-arising from the results of damage rather than from the damage itself.<\/strong> \u2014 aka indirect loss<\/strong><\/em><\/span>; consequential injury<\/strong><\/em><\/span>.<\/span><\/p>\n

direct loss<\/span><\/a> – loss or damage resulting from a direct cause, as distinguished from a remote cause.<\/strong><\/span><\/p>\n

extraordinary loss<\/span><\/a> – a loss that is both unusual and infrequent, such as a loss resulting from a natural disaster.<\/strong><\/span><\/p>\n

intangible loss<\/span><\/a> – the damage<\/a> caused by the disruption of an intangible right or benefit.<\/span><\/strong><\/p>\n

pecuniary loss<\/span><\/a> – a loss of money or of something having monetary value (often used in relation to wrongful death actions and many other cases).<\/span><\/strong><\/p>\n