Casualty and Theft Loss
Definition
- A loss of property or life caused by a sudden, unexpected, or uncommon event. Hurricanes, earthquakes, fires, floods, or thefts are just a few examples of events that can cause casualty and theft losses. A portion of these losses can be used as an itemized deduction.
Synonyms
burglary, injured, break-in, death, robbery
Related Terms and Acronyms
- Business Crime Insurance — Definition,
- Insurance that covers losses due to criminal acts perpetrated by customers or employees.
- Casualty — Definition,
- A liability or loss that results from an incident or accident.
- Casualty Insurance — Definition,
- Insurance that covers losses and liability from injuries to others and/or damage to the property of others.
- Hurricane Deductible — Definition,
- The payment a policyholder must make to their insurance company before receiving benefits after a hurricane.
