MLchartDataset catalogue

Damages

Term · Insurance and risk management · MLC-T-INS-001070

Monetary compensation awarded to a party who has suffered loss or injury due to the wrongful act of another. In insurance, damages represent the financial amount an insurer pays on behalf of an insured to an injured third party. They are categorized as compensatory, covering actual losses, or punitive, intended to punish the wrongdoer.

Table 1. Record
IdentifierMLC-T-INS-001070
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-001070",
  "term": "Damages",
  "field": "Insurance and risk management",
  "definition": "Monetary compensation awarded to a party who has suffered loss or injury due to the wrongful act of another. In insurance, damages represent the financial amount an insurer pays on behalf of an insured to an injured third party. They are categorized as compensatory, covering actual losses, or punitive, intended to punish the wrongdoer.",
  "url": "https://mlchart.com/terminology/insurance/damages/"
}

Record 878 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.