Known loss provision

Term · Insurance and risk management · MLC-T-INS-001950

A clause in an insurance policy stating that coverage does not apply to losses that were known or reasonably knowable to the insured before the policy's inception. This principle prevents an insured from purchasing coverage for a loss that has already occurred or is certain to occur. It upholds the fundamental insurance principle of fortuitous loss.

Table 1. Record
Identifier	MLC-T-INS-001950
Field	Insurance and risk management
Subject	Commercial Liability

Record as JSON

{
  "id": "MLC-T-INS-001950",
  "term": "Known loss provision",
  "field": "Insurance and risk management",
  "definition": "A clause in an insurance policy stating that coverage does not apply to losses that were known or reasonably knowable to the insured before the policy's inception. This principle prevents an insured from purchasing coverage for a loss that has already occurred or is certain to occur. It upholds the fundamental insurance principle of fortuitous loss.",
  "subject": "Commercial Liability",
  "url": "https://mlchart.com/terminology/insurance/known-loss-provision/"
}

Record 1,872 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.