casualty

(noun)

Something that happens by chance, especially an unfortunate event; an accident, a disaster.

Related Terms

Examples of casualty in the following topics:

  • Involuntary Conversion

    • Involuntary conversion of assets occurs when disposal is due to unforeseen circumstances, such as theft or casualty.
    • The involuntary conversion of an asset occurs when an asset must be disposed of due to unforeseen circumstances, such as theft, casualty, or condemnation.
    • The forced disposal of the asset may result in cash proceeds from the filing and payment of an insurance claim on the asset or the receipt of a casualty award.