Calculable Loss
There are two elements that must be at least estimatable, if not formally calculable, the probability of loss and the attendant cost.
Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
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