Fortuitous 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.
Hostile Fire
Hostile fire refers to fire that is not contained within its intended environment, causing unintended damage to property. Insurance policies often provide coverage for such incidents, protecting against fortuitous 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.