Accidental Loss

Fortuitous Loss
A fortuitous loss is a loss occurring by accident or chance, not by anyone's intention, and is covered under insurance policies that provide protection against unpredictable, uncontrollable events.
Insurable Risk
Insurable risk refers to a risk that meets the criteria set by an insurance company, allowing it to be covered by an insurance policy. This type of risk must be measurable, accidental, standardly classified, and have a premium proportional to the potential loss.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.