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Dictionary definition: abandonment
- Article from:
- A Dictionary of Business
Copyright© A Dictionary of Business and Management 2006, originally published by Oxford University Press 2006. (Hide copyright information)
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abandonment
The act of giving up the ownership of something covered by an insurance policy and treating it as if it has been completely lost or destroyed. If the insurers agree to abandonment, they will pay a total-loss claim (see
actual total loss
;
constructive total loss
). This often occurs in marine insurance if a vessel has run aground in hazardous waters and ...
Related newspaper, magazine, and journal articles:
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Article: A total loss
Canadian Underwriter;
August 1, 2002 ;
700+ words
...THE WIRED WORLD When it comes to total loss auto claims, many insurers pay the actual ... What do insurers do when they have a total loss claim? Most claims managers or adjusters ... resulting from theft. Another issue in total loss claims is the need to get customers back ...
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