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Constructive Total Loss

August 29, 2019 by admin

In Marine Insurance a Constructive Total Loss occurs where the subject matter of Insurance is reasonably abandoned by the Insured on Account of its Actual Total Loss appearing unavoidable because it could not be preserved from Actual Total Loss without expenditure that would exceed its value after the expense had been incurred.

Categories Non-Life Insurance
Conditional Receipt Reinsurance
Contingent Commissions (or Profit Commission)

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