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_________ means as complete loss or destruction of the subject matter in the policy.

  • Total loss means as complete loss or destruction of the subject matter in the policy.
  • When a total loss occurs, the insurance company is generally required to pay out the full amount of the policy coverage, as per the terms and conditions of the policy.
  • However, the specific terms and conditions of the policy may include deductibles, limits, or exclusions that affect the amount of the payout.
  • It is worth noting that not all losses are considered total losses.
  • For example, in the case of marine insurance, a partial loss may occur if the ship or cargo is damaged but not completely destroyed.
  • In such cases, the insurance company may be required to pay out a portion of the policy coverage, based on the extent of the damage and the terms of the policy.