GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Casualty and Theft Loss


Synonyms:break-in, burglary, death, injured, robbery
Filed Under: financial-banking, insurance, taxation
Tags: banking, insurance, taxes
 

Definition of casualty and theft loss

casualty and theft loss
1. 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.

Related Terms and Acronyms:

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

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