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The term "total loss" can refer to any of these risks, but commonly involves a loss of the hull or cargo. Total losses may be actual total loss or constructive. [11] If the policy is a "valued" policy (so that the ship or cargo has an "agreed value" rather than a "market value"), then, in the absence of fraud, the agreed value is conclusive ...
In a typical total loss settlement, you are paid for the value of the vehicle, which means the car becomes the legal property of the insurance company. But in some cases, it could take very little ...
A hull loss is an aviation accident that damages the aircraft beyond economic repair, [1] resulting in a total loss.The term also applies to situations where the aircraft is missing, the search for its wreckage is terminated, or the wreckage is logistically inaccessible.
A constructive total loss is a situation in which the cost of repairs plus the cost of salvage equal or exceed the value. [ 22 ] [ 23 ] The use of these terms is contingent on there being property remaining to assess damages, which is not always possible in losses to ships at sea or in total theft situations.
A total-loss oiling system is an engine lubrication system whereby oil is introduced into the engine and then either burned or ejected overboard. Now rare in four-stroke engines , total loss oiling is still used in many two-stroke engines .
For insurance, the loss ratio is the ratio of total losses incurred (paid and reserved) in claims plus adjustment expenses divided by the total premiums earned. [1] For example, if an insurance company pays $60 in claims for every $100 in collected premiums, then its loss ratio is 60% with a profit ratio/gross margin of 40% or $40.
Notwithstanding, the total damages recovered by the owner shall not exceed the fair market value of the vehicle prior to when it was damaged, and the amount paid for the diminution of value shall be considered in determining whether a vehicle is a total loss pursuant to R.S. 32:702. Acts 2010, No. 725, §1.
Allen accounted for six total touchdowns in the Bills’ wild 44-42 loss to the Rams at SoFi Stadium. He threw three touchdown passes in the loss and ran in three touchdowns himself.