What term describes the estimated total cost of an accident, including both insured and uninsured elements?

The term that describes the estimated total cost of an accident, including both insured and uninsured elements, is "Economic Loss." This concept encompasses not only the direct costs associated with an accident—such as property damage and medical expenses—but also indirect costs like lost wages, pain and suffering, and other related financial impacts that may not be covered by insurance. It captures the comprehensive financial effect of an incident on individuals or entities involved.

Understanding economic loss is crucial in assessing the true impact of accidents since it accounts for all potential expenditures and losses, rather than just those covered by an insurance policy. This perspective is vital in fields such as insurance underwriting, risk management, and legal liability assessments, ensuring a more complete picture of an accident’s financial consequences.