total loss
The insurance company declared the car a total loss after the accident.
The car was so badly damaged that it couldn't be repaired, so the insurance company paid its full value.
A situation where an asset is completely destroyed or damaged beyond repair, making it worthless.
The flood caused a total loss of the warehouse inventory.
The warehouse contents were completely ruined by the flood.
Commonly used in insurance to describe when the cost of repairs exceeds the asset's value.
A financial loss that cannot be recovered.
The company wrote off the investment as a total loss.
The company decided the investment was irrecoverable and stopped trying to recoup it.
Used in accounting and investment contexts.
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Pro Tip
Insurance Context
In insurance, 'total loss' means the asset is beyond repair and the insurer pays its full value.
Gold Rule
Legal Implications
A 'total loss' declaration can affect insurance claims and financial reporting.
Word Origin
From 'total' (complete) + 'loss' (damage or financial setback). Common in insurance and finance since the 20th century.
Usage Notes
Often used in legal and financial contexts to describe irreparable damage or financial setbacks.