Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Casualty
1. A serious or fatal accident. 2. A person or thing injured, lost, or destroyed.
casualty gain
Insurance. The profit realized by an insured when the benefits paid exceed the insured property's adjusted value.
casualty insurance
: An agreement to indemnify against any loss resulting from a broad group of causes such as legal liability, theft, accident, property damage, and workers' compensation. 0 The meaning of casualty insurance has become blurred because of the rapid increase in different types of insurance coverage. Cf. accident insurance.
casualty loss
For tax purposes, the total or partial destruction of an asset resulting from an unexpected or unusual event, such as an automobile accident or a tornado.
casualty pot
Tax. A step in evaluating tax liability in which casualty gains and losses are compared to determine whether a net loss or gain has occurred. Cf. MAIN POT.
unavoidable casualty
See unavoidable accident under ACCIDENT.