Definition of Known Loss

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TeachMeFinance.com - explain Known Loss



Known Loss -- 1. loss discovered before or at the time of delivery of a shipment.
2. An evident loss (as opposed to a concealed loss or damage to contents within a package.)
3. A loss of which the insured and/or the insurer is aware at the time the insurance is effected.



About the author

Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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