Loss (Loss)
Loss is a decrease in or loss of value inadvertently because of a State of emergency. The word "accidental" is a very important part of this definition. When a student gives a diamond ring to his female friend, he did lose something of value or goods, but he will not concede (at least at this stage) that it has suffered losses. In contrast, medical expenses and hospital care is considered the losses seen from the insurance. Although these services are indeed services – cannot be considered accidental, but the incident itself (accident or illness) that cause expenditure cost – the cost is generally not intentional.
Losses do not have to mean the loss of a physical goods. The owner of a piece of stock such as losses when the market value of shares that declined, although he still has a letter stock. Another example is the antiquity of a technical (technical absolescence) that is not caused by physical damage to the goods itself. Black and white television set plummets in value with the appearance of a plane color television at an affordable price. Losses caused by changes in market circumstances called a loss of "dynamic". This loss could not be insured because he did not meet the criteria for exposure to insure that will be described below.
Types of losses where physical goods itself totally damaged, lost, or destroyed called the loss "static" and in General can be insured, at least in part. The losses caused by the destruction of property, there are three kinds: the loss of the goods itself, loss of income or consumption of the goods until the goods that can be replaced (including extra costs because of the loss of usage), and extra expenses incurred due to the loss of goods. For example, if your home was destroyed by a fire, then you not only lose your home but also have to rent a place to live elsewhere to your home can be built again. If you have been renting out a room to a student, you also lose rental income from home it. If you're forced to live in hotels at a cost of living increase or when you have to spend several hundred dollars to sweep the debris was from public streets after the fire then you have to pay fees again. Insurance should be regulated in order to close the three kinds of losses.
The last type of loss is concerned the responsibility towards others. A fire can occur because burning a pile of leaves to spread your neighbor's home. The neighbors were able to claim you are frivolous and are demanding the Court. If the Court decides the neighbors you win, then you have to pay the damages and, however you will have to pay for your defense. Losses – losses this can be insured.
An overview of the definitions
The risk is the uncertainty about the losses. The risks do not combine with mixed chance of loss (the possibility of losses), which is the possibility of a certain amount of loss number 30. Also do not be confused with the peril (disaster) which is defined as the cause of the loss, or with the hazard (danger) is a State that can increase the chance of loss.
Finally, the risk should not be confused with the loss itself which is a
decrease in the value of its lost value or accidental due to a sudden
incident.
