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Calculable loss: There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant price. Probability of loss is mostly an empirical train, while price has extra to do with the flexibility of an affordable particular person in possession of a replica of the insurance policy and a proof of loss associated with a claim introduced beneath that policy to make a fairly definite and objective evaluation of the amount of the loss recoverable on account of the claim.