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LSDefine

Simple English definitions for legal terms

actual loss

Read a random definition: REV. PROC.

A quick definition of actual loss:

Actual loss is when something valuable is lost or damaged unexpectedly. For example, if you buy a toy and it breaks, that's an actual loss. If you have insurance, the insurance company will pay you for the loss. If you sell something for less than you paid for it, that's also an actual loss. The amount of the loss is the difference between what you paid and what you sold it for.

A more thorough explanation:

Actual loss refers to an undesirable outcome of a risk that results in the disappearance or reduction of value, usually in an unexpected or unpredictable way. It can be calculated by determining the difference between the original cost of something and its later selling price.

Examples of actual loss include:

  • A car being totaled in an accident, resulting in a decrease in its value
  • A property being damaged by a natural disaster, causing financial detriment to the owner
  • A person losing possession of their phone, resulting in the loss of its value

These examples illustrate how actual loss can occur in various situations and result in financial harm to individuals or entities.

actual knowledge | actually litigated

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17:02
@JupitersMoons: BROO. It is always calm before the win. I bet today was just a juke and tmrw fo p em u be ballin fr fr
I agree, ty all for the support
Don't wtf I did for that dose of bad Karma but God is laughing rn
don't know**
17:14
BRO ur kidding
17:14
Tmrw will be good TRUST
in LightningBug we trust
i actually dont do my nails lol
if im feeling fancy ill do press ons
i have.... compulsive tendencies, so those shits have to be pretty or i will destroy them
noreaster
17:42
I remember what different lives we all lead sometimes
17:43
woah
noreaster
17:43
sorry im preparing for my lesson and I accidentally clicked on this I'll text u
noreaster
17:45
I got fake nails once for my brother's wedding and I started trying to bite them off on the 10 hour drive home
noreaster
17:46
I mangled those things im ngl. just to see if I could
dw I have om nommed on occasion
did u guys see the california state bar news
HOLY FUCKIN SHITTITTTJR THEY USED AI TO WRITE THE QUESTIONS
you know
i think ai in law will never happen
because everyone who tries it keeps messing it up
18:11
Umm dubai is having AI rewrite all the laws no joke
@badhorrormovie: I JUST SAW THAT
OrangeThing
18:17
Popping in to say I'm excited about UT
@OrangeThing: did you just get in? or
OrangeThing
18:20
I got in in February and I committed + deposited and all that jazz
OrangeThing
18:21
I'm from Austin and own a house here so it all turned out for the best
congrats! that's so exciting
OrangeThing
18:21
Thank you!
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