Accidents

Total Loss
Total loss refers to damage that is so extensive that repair is not economical. Typically seen in contexts like insurance claims, accidents, and natural disasters, total loss indicates that the cost to reconstruct, repair, or salvage an item exceeds its replacement value.

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.