[A049]

actual total loss

When insured property is so badly damaged by a covered cause of loss that it is not repairable or recoverable or when there is so little remaining of the salvageable or repairable nature that it no longer has any value, it is considered an actual total loss. This usually signifies the maximum settlement possible under the terms of the policy.

(See Abandonment Clause.)

Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100

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