MLchartDataset catalogue

Known loss rule

Term · Insurance and risk management · MLC-T-INS-001951

A legal principle asserting that an insurance policy does not cover losses that were known or reasonably knowable to the insured at the time the policy was purchased. This rule prevents individuals or entities from seeking coverage for events that have already happened or are inevitable. It reinforces the requirement that insured losses must be fortuitous.

Table 1. Record
IdentifierMLC-T-INS-001951
FieldInsurance and risk management
SubjectCommercial Liability
Record as JSON 
{
  "id": "MLC-T-INS-001951",
  "term": "Known loss rule",
  "field": "Insurance and risk management",
  "definition": "A legal principle asserting that an insurance policy does not cover losses that were known or reasonably knowable to the insured at the time the policy was purchased. This rule prevents individuals or entities from seeking coverage for events that have already happened or are inevitable. It reinforces the requirement that insured losses must be fortuitous.",
  "subject": "Commercial Liability",
  "url": "https://mlchart.com/terminology/insurance/known-loss-rule/"
}

Record 1,892 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.