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Insurance Definition: ECONOMIC LOSS

By Compuquotes Team on March 27th, 2008

ECONOMIC LOSS:

Definition:

  • Total financial loss resulting from the death or disability of a wage earner, or from the destruction of property. Includes the loss of earnings, medical expenses, funeral expenses, the cost of restoring or replacing property, and legal expenses. It does not include noneconomic losses, such as pain caused by an injury.

Information provided by Insurance Information Institute

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