Word 'loss' - Indian Laws - General

Meaning of the word loss In Oxford Advanced Learner s Dictionary , the meaning of the word loss is given as thus: The state of no longer having 5th or as much of 5th; the process that leads to this. Money that been lost by a business or an organisation. The death of a person. The disadvantage that is caused when somebody leaves or when a useful or valuable object is taken away; a person who causes a disadvantage. In Black s Law Dictionary , the meaning of the word loss is given as thus: An understandable out of a risk; the disappearance or diminution of value, usu. In an unexpected or relatively unpredictable way. When the loss is a decrease in value, the usual method of calculating the loss is to ascertain the amount by which a thing s original cost exceeds its later selling price. The excess of a property s adjusted value over the amount realised from its sale or other disposition. The amount of financial detriment caused by an insured person s death or an insured property s damage, for which the insurer becomes liable. The failure to maintain possession of a thing. SHIBU JOSEPH AND OTHERS VERSUS TOMY K.J. AND OTHERS - 2013 (10) TMI 1485 - KERALA HIGH COURT