PARTIAL LOSS Meaning and
Definition
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Partial loss refers to a situation in which an insured item, such as a property or an asset, suffers damage or destruction in part, but not in its entirety. It is a term commonly used in insurance policies, especially property and casualty insurance, to describe a specific type of loss that does not involve a total loss of the insured item.
In the context of insurance claims, a partial loss occurs when a covered property or asset sustains damage or destruction, but is still salvageable or repairable to some extent. This can include scenarios such as fire damage to a building, vandalism causing harm to personal belongings, or a car accident resulting in certain parts of the vehicle being damaged. Essentially, it refers to situations where only a portion of the value of the insured item is lost, as opposed to a complete loss.
Insurance policies typically include provisions that set out the process for determining the extent of a partial loss and how the insurer will compensate the policyholder for the damage suffered. This may involve assessments by experts, such as adjusters, to determine the value of the loss and the cost of repairs or replacement. The insured party is usually entitled to receive compensation that sufficiently covers the costs associated with repairing or replacing the damaged part of the property or asset.
Overall, a partial loss refers to a situation where only a portion of the insured item is damaged or destroyed, allowing for the possibility of repairing or salvaging it.
Common Misspellings for PARTIAL LOSS
- oartial loss
- lartial loss
- -artial loss
- 0artial loss
- pzrtial loss
- psrtial loss
- pwrtial loss
- pqrtial loss
- paetial loss
- padtial loss
- paftial loss
- pattial loss
- pa5tial loss
- pa4tial loss
- parrial loss
- parfial loss
- pargial loss
- paryial loss
- par6ial loss
- par5ial loss
Etymology of PARTIAL LOSS
The word "partial" comes from the Latin word "partialis", which means "pertaining to a part". It is derived from the Latin word "pars", meaning "part" or "piece".
The word "loss" also has Latin origins, coming from the Latin word "lossus", meaning "a losing" or "a destruction". It is derived from the Latin word "linquere", meaning "to leave" or "to abandon".
Therefore, the term "partial loss" refers to a kind of loss that is not total or complete, but rather partial or limited in nature.
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