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English definition of “actual total loss”

actual total loss

noun [C or U]     ( abbreviation ATL) INSURANCE
a situation in which insured property is totally destroyed, lost, or made useless, and the insurance company pays the maximum amount: They claimed that the capture and removal of the ship to Somali waters constituted an actual total loss under the Marine Insurance Act. → Compare constructive total loss
(Definition of actual total loss noun from the Cambridge Business English Dictionary © Cambridge University Press)
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