Definite Loss
The event that gives rise to the loss that is subject to insurance should, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured on a life insurance policy.
Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable.
Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
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Insurance News
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Three insurance companies have sued Academy Award-winning actress Marisa Tomei in a New York court last week, seeking $128,755 in damages. Pacific Indemnity Company, Federal Insurance Company and Vigilant Insurance Company — all members of Chubb Group of Insurance Companies … - Oklahoma Bill Would Combat Prescription Drug Overdose 6 Feb 2012
Under legislation by state Rep. Pat Ownbey, physicians could not prescribe a controlled substance without first using the Oklahoma Bureau of Narcotics Prescription Monitoring Program to see what has already been prescribed to their patient by other doctors. House Bill … - Crashes Put Spotlight on Indiana Driver Licensing Policies 6 Feb 2012
A series of crashes into storefronts in an Indiana community has left a trail of property damage, but the drivers responsible are likely still behind the wheel because of Indiana’s policies on restricting driver’s licenses. Some of the five storefront … - No State Emergency Funds for Private Storm Shelters in Missouri 6 Feb 2012
Missouri’s State Emergency Management Agency has rejected funding for individual storm shelters, but SEMA says it will earmark $20 million to build community safe rooms in Joplin. Assistant City Manager Sam Anselm told The Joplin Globe that SEMA told him …
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