Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Loss definition

What does Loss mean? In legal practice, loss means the harm, detriment or deprivation suffered—financial, physical or proprietary—and is not confined to permanent deprivation; temporary loss can suffice. The term is a broad, descriptive label used across civil, criminal, regulatory and insurance contexts. Some statutes define it for particular purposes: e.g., the Fraud Act 2006 (E&W and NI) defines gain or loss in money or other property and includes temporary loss; exposing another to a risk of loss may suffice. Comparable wording appears in Ireland. In Scotland, fraud is largely common law, but usage is similar. In civil claims (contract and tort/delict), damages compensate for loss...

UK Insurance and Reinsurance Glossary for Lawyers: Legal, Regulatory, Market, Underwriting and Claims Terms

Published by a LexisNexis Insurance & Reinsurance expert

Practice notes

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

This glossary provides helpful (re)insurance and Underwriting definitions. For focused guidance on Reinsurance terminology, see Practice Note: Reinsurance—essentials.

A

Accident An unforeseen or unintended event or incident that typically results in damage or injury (physical or financial) to the insured or a third party.
Accidental damage Unintended or unexpected harm or damage caused to property or a person.
Accidental death benefit Some life insurance policies pay an extra amount, over and above the original sum insured, if the insured dies because of an accident.
Act of God (force majeure) An occurrence beyond anyone’s control, such as a natural disaster.
Active underwriter The person with primary responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a syndicate in the Lloyd’s market. See also Underwriter.
Actuary A qualified professional who calculates and analyses risk and probabilities relating to insurance, reinsurance and pensions.
Addendum An agreed change to the insurance policy. See also endorsement.
Additional premium A further sum of premium payable by the...

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Web page updated on 22/05/2026

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