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unemployment, and superannuation. These may
be handled by the individual or his employer.
Personnel losses facing an entity include key-
person losses when the key-person does not have
an ownership interest, business- discontinuation
losses from a person with an ownership interest,
dying or being disabled, and credit losses due to
the death, extended disability, or unemployment
of a customer. These losses are usually handled
by the entity.

(ii) Property losses - property losses are divided into
two classes: real and personal. Real property is land
and its appurtenant structures or attachments.
Whereas, personal property is that property that is
movable and not attached to land.

In a direct property loss, the property itself is
damaged or destroyed or damaged. In an indirect
property loss, the value of the property is lessened
as a result of direct damage to some other property,
for e.g, loss of meat in refrigerator due to refrigerator

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