Actual Value - Law Dictionary Search Results
Home Dictionary Name: actual valueActual value
Actual value, the expression 'actual value' occurring in the scheme means the market value and not the cost to the corporation, Aluminium Corporation of India v. Union of India, (1983) 3 SCC 300: AIR 1983 SC 751 (752). [Emergency Risks (Factories) Insurance Act, 1962, s. 3]...
valued policy law
valued policy law : a law requiring insurance companies to pay to the insured in case of total loss the full amount of insurance regardless of the actual value of the property at the time of the loss ...
Compensation
Compensation, according to dictionary it means, 'compensating or being compensated; thing given as recompense;'. In legal sense it may constitute actual loss or expected loss and may extend to physical mental or even emotional suffering, insult or injury or loss, Ghaziabad Development Authority v. Balbir Singh, (2004) 5 SCC 65 (75): AIR 2004 SC 2141.--Making things equivalent, satisfying or making amends, a reward for the apprehension of criminals; also that equivalent in money which is paid to the owners and occupiers of lands taken or injuriously affected for public purposes and under Act of Parliament, e.g., the (English) Lands Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 18), but where the land is acquired compulsorily by a Government Department or any local or Public Authority the compensation is regulated by the (English) Acquisition of Land (Assessment of Compensation) Act, 1919 (9 & 10 Geo. 5, c. 57) and Rules of 1919, and see Housing Act, 1936, ss. 40 and 42 and Schedules, ...
actual cash value
actual cash value 1 : the cost of replacing or repairing damaged property less any applicable depreciation 2 : fair market value ...
stated value
stated value : the value assigned in a corporation's books to stock and esp. to no-par value stock NOTE: Stated value is sometimes based on the actual amount received when stock is issued, but it can also be an arbitrarily low value. It has no relation to the market value of the stock. ...
salvage value
salvage value 1 : the value of damaged property 2 : the actual or estimated value realized on the sale of a fixed asset at the end of its useful life NOTE: Salvage value is used in calculating depreciation. ...
benefit of the bargain
benefit of the bargain :the advantage that would be or have been gained under a contract if completed as agreed ;specif : the difference between the actual value of property and the value of property as it is represented in case of misrepresentation called also benefit of one's bargain loss of bargain compare out-of-pocket rule ...
full reporting clause
full reporting clause : a clause in an insurance policy which provides that the indemnity will not exceed that proportion of loss which the last reported value of the property bears to the actual value ...
valued policy
valued policy : an insurance policy in which the insurer and insured agree on a stated amount that will be paid in the event of a future loss instead of an amount that would have to be proven as the actual loss ...
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a benefit or advantage, or any labour detriment or inconvenience sustained or suffered by the promisee at the request, express or implied, of the promisor. See Laythoarp v. Bryant, 3 Scott 250; 2 Wms. Saund 137 h; Currie v. Misa, (1875) LR 10 Exch 153.Consideration is one of the facts which the courts require as evidence of intention, (a) that a person intends his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for a transfer of property from one person to another. The nature or quality of the consideration which will be sufficient for these purposes varies with the nature of the transaction and in the absence of consideration the Courts will, except in the case of s...
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