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date: 28 May 2023

actual total loss 

Source:
A Dictionary of Business and Management
Author(s):

Jonathan Law

The complete destruction or loss of an insured item or one that has suffered an amount of damage that makes it cease to be the thing it originally was. For example, a motor car would be an actual total loss if it was destroyed, stolen and not recovered, or damaged so badly that the repair cost exceeded its insured value. ... ...

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