MLchartDataset catalogue

Economic damages

Term · Insurance and risk management · MLC-T-INS-001253

Monetary compensation awarded to an injured party for quantifiable financial losses directly resulting from another party's wrongful act. These damages are objectively verifiable and include items such as lost wages, medical expenses, property repair or replacement costs, and loss of business profits. They are distinct from non-economic damages, which cover subjective losses like pain and suffering.

Table 1. Record
IdentifierMLC-T-INS-001253
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-001253",
  "term": "Economic damages",
  "field": "Insurance and risk management",
  "definition": "Monetary compensation awarded to an injured party for quantifiable financial losses directly resulting from another party's wrongful act. These damages are objectively verifiable and include items such as lost wages, medical expenses, property repair or replacement costs, and loss of business profits. They are distinct from non-economic damages, which cover subjective losses like pain and suffering.",
  "url": "https://mlchart.com/terminology/insurance/economic-damages/"
}

Record 1,085 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.