Definite Loss

Definite loss:

The loss takes place at a notable time, during a notable place, and from a notable cause. The classic example is death of AN insured on a insurance policy. Fire, automobile accidents, and employee injuries might all simply meet this criterion. different sorts of losses might solely be definite in theory. industrial disease, for example, might involve prolonged exposure to injurious conditions wherever no specific time, place, or cause is identifiable . Ideally, the time, place, and reason for a loss ought to be clear enough that an inexpensive person, with ample info, might objectively verify all 3 components.