DJI won't use the term "Lost" , as in my Phantom is lost in the woods or at the bottom of a lake. They use the term "presumed beyond repair". It's good to know if you purchased DJI insurance and you lose your Phantom, you can apply "part" of your insurance to a replacement Phantom.
DJI says: "Your aircraft is considered “completely damaged” if over 80% of the aircraft parts are damaged. We usually recommend replacing your aircraft if it is completely damaged.
For the 6-month plan, if your aircraft is completely damaged or presumed to be completely damaged and needs to be exchanged with a new one, the coverage amount left in your DJI Care plan can be used for the exchange in the first 5 months during the period of validity. However, if your aircraft is completely damaged or presumed to be completely damaged and needs to be exchanged with a new one 30 days before the period of validity expires, you will be compensated at either the coverage amount left or 80% of the purchase price of the aircraft, whichever is lower.
For the 1-year plan, if your aircraft is completely damaged or presumed to be completely damaged and needs to be exchanged with a new one, the coverage amount left in your DJI Care plan can be used for the exchange in the first 10 months during the period of validity. However, if your aircraft is completely damaged or presumed to be completely damaged and needs to be exchanged with a new one 60 days before the period of validity expires, you will be compensated at either the coverage amount left or 60% of the purchase price of the aircraft, whichever is lower."