Okuzeka
Insurance vocabulary · Claims

Loss

Meaning in insurance, with examples

/lɔːs/nounCore term

In insurance, loss means: Damage, destruction or a financial cost suffered by an insured person or property, which may lead to a claim.

In Turkish: hasar, zarar, kayıp

How it is used

A basic technical word. Losses occur and are reported, assessed and paid. Professionals talk about the date of loss, loss estimates, partial and total losses and large losses. In many contexts it is close to 'claim'.

Example sentences

  1. The loss occurred on 3 May, but the customer only reported it two weeks later.

  2. Our initial loss estimate for the factory fire is around 20 million lira.

Common collocations

  • date of loss
  • loss estimate
  • partial loss
  • large loss
  • suffer a loss
  • claimA formal request to an insurance company to pay for a loss, damage or medical cost that the policy covers.
  • total lossA situation in which insured property, especially a vehicle, is destroyed or so badly damaged that repairing it would cost more than it is worth.
  • loss ratioClaims costs divided by earned premiums, shown as a percentage; it shows how much of the premium was spent on paying losses.
  • indemnityPayment that puts the insured back in the same financial position as before the loss, no better and no worse; also the principle behind such payment.

More terms: Claims

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This page explains English vocabulary for learners. It is not financial advice.