Casualty and Theft Loss


  • A loss of property or life caused by a sudden, unexpected, or uncommon event. Hurricanes, earthquakes, fires, floods, or thefts are just a few examples of events that can cause casualty and theft losses. A portion of these losses can be used as an itemized deduction.

burglary, injured, break-in, death, robbery

Related Terms and Acronyms

  • Business Crime Insurance Definition,
    • Insurance that covers losses due to criminal acts perpetrated by customers or employees.
  • Casualty Definition,
    • A liability or loss that results from an incident or accident.
  • Casualty Insurance Definition,
    • Insurance that covers losses and liability from injuries to others and/or damage to the property of others.
  • Hurricane Deductible Definition,
    • The payment a policyholder must make to their insurance company before receiving benefits after a hurricane.
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