Earned Premium - Law Dictionary Search Results
Home Dictionary Name: earned premiumearned premium
earned premium : the difference between the amount of premium paid by the insured and the amount returned to the insured by the insurer upon cancellation of a policy before its term expires ...
Premium and rent
Premium and rent, when the interest of the lessor is parted with for a price paid is premium or salami. But the periodical payments made for the continuous enjoyment of the benefits under the lease are in the nature of rent. The former is a capital income and the latter a revenue receipt. There may be circumstances where the parties may camouflage the real nature of the transaction by using clever phraseology. In some cases, the so-called premium is in fact advance rent and in others rent is deferred price. It is not the form but the substance of the transaction that matters. The nomenclature used may not be decisive or con-clusive but it helps the Court, having regard to the other circumstances, to ascertain the intention of the parties, CIT v. Panbori Tea Co. Ltd., AIR 1965 SC 1871 (1873): (1965) 3 SCR 811. [T.P. Act, 1882, s. 105]...
Total full time earning
Total full time earning, it can only mean the earnings he earns in a day by working full time on that day, the full time to be in accordance with the period of time given in the notice displayed in the factory for a particular day. This is further apparent from the fact that any payment for overtime or for bonus is not included in computing the total full time earnings, Shankar Balaji Waje v. State of Maharashtra, AIR 1962 SC 517 (523): 1962 Supp (1) SCR 249; see also Manglore Ganesh Beedi Works v. Union of India, AIR 1974 SC 1832. [Factories Act, 1948, s. 80]...
net premium
net premium : an insurance premium consisting of the amount required to pay the insurance liability on its becoming due without paying any expenses or contingent charges ...
net valuation premium
net valuation premium : a premium for a life insurance policy set after a determination of the amount needed to cover liabilities and maintain policy reserves ...
pure premium
pure premium : net premium ...
written premium
written premium : premium received by an insurer in a particular period and esp. annually ...
Premium
Premium, a consideration; something given to invite a loan or a bargain; the consideration paid to the assignor by the assignee of a lease, or to the transferor by the transferee of shares or stock, etc.Also the name given to the annual or other payment for renewal of a policy of assurance.When shares are issued for consideration other than cash the value of the assets transferred in excess of the par value of shares issued would be regarded as premium for purpose of our system of law, Income Tax Commissioner (Central Calcutta) v. Standard Vacuum Co., AIR 1966 SC 1393 (1397). [Business Profits Tax Act, 1947, Sch. II, R. 2(1)]...
Earned surplus
Earned surplus, it represents a specific account into which are added the net profits of the year and appropriations are made out of it and the balance is regarded as 'earned surplus' at the end of the year. This account is specifically allocated for utilisation for the purpose of business year after year. It is an account in which the net profits less the appropriations are added, and the account is intended for application in extending the business of the assessee company. The amounts entered in the account 'earned surplus' cannot be regarded as mere unallocated profits at the end of the accounting year, CIT v. Standard Vacuum Oil Company, AIR 1966 SC 1393: (1966) 2 SCR 367. [Business Profits Tax Act, 1947, Sch. II, R. (2) and (3)]...
advance earned income credit
advance earned income credit Prepayments of the earned income credit by an employer to an employee. ...
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