Dictionary of Accounting Terms: loss
loss
- decrease in net assets for which no revenue is obtained and which arises from incidental transactions. Examples are the loss on the sale of a fixed asset, a catastrophe loss (e.g., fire loss, hurricane damage, flood loss), and a loss on the early extinguishment of debt. A loss is usually unanticipated and nonrecurring.
- excess of expenses over revenue resulting in a net loss.
Dictionary of Banking Terms: loss
loss
- loan written off as uncollectible, and assigned to the workout committee if a commercial loan, or to the collection department if the loan is made to a consumer. Also, the formal classification by bank examiners on loans with no tangible value.
- sale of an asset at less than its acquisition cost or fair market value.
- reduction in value of a loan considered partially, or fully, uncollectible.
- in accounting, an operating loss as when costs exceed net proceeds from a transaction, or expenditures are greater than revenues for an accounting period.
Dictionary of Business Terms: loss
loss
- expenses exceeding sales or revenues; an item is sold for less than its cost or adjusted basis. See also profit.
- damage through an insured's negligent acts and/or omissions resulting in bodily injury and/or property damage to a third party; damage to an insured's property; or amount an insurance company has a legal obligation to pay.
Dictionary of Finance and Investment Terms: loss
loss
opposite of profit.
Dictionary of Insurance Terms: loss
loss
damage through an insured's negligent acts and/or omissions resulting in bodily injury and/or property damage to a third party; damage to an insured's property; or amount an insurance company has a legal obligation to pay.
- a company is legally obligated to pay the least of the following amounts: (a) amount of the loss; (b) limits of coverage; (c) amount resulting from the application of the coinsurance formula, such that
