General Average - Law Dictionary Search Results
Home Dictionary Name: general averageGeneral average
General average. See AVERAGE....
Average
Average, a medium, a mean proportion used in various senses:-(1) A service which a tenant owes to his lord by doing work with his avers.(2) A shipping or insurance term. (a) Average, or more fully general average, is where any damage or loss has been properly and voluntarily incurred in respect of a ship or cargo for its safety, e.g., goods thrown overboard in a storm to lighten the ship. Such loss by maritime law is shared proportionately between the shipowners and the owners of the cargo, according to value. This risk is almost always covered by insurance. An Average Bond is a bond entered into by the consignees of a cargo with the shipowners, when a general average loss has been sustained by the ship, binding the former to pay their proportion as soon as ascertained. (b) Particular average is damage, or loss to a ship, or cargo, other than a general average loss. Such a loss rests where it falls, that is to say, is borne by the owner of the thing lost or damaged, or by his insurer, ...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
F.G.A
F.G.A., these letters in connection with marine insurance mean 'free from general average.' They sometimes mean 'foreign general average,' and the precise meaning they denote must be gathered from; the context. See AVERAGE (2)....
statewide average weekly wage (saww)
statewide average weekly wage (saww) The statewide average weekly wage is a computation of average wages paid to workers in a jurisdiction for a set period of time and is generally used to calculate the minimum, and maximum, amounts of workers' compensation benefits that an injured employee will be entitled to receive. ...
Dow Jones Industrial Average
an index of certain stock prices on the New York Stock Exchange computed by the Dow Jones publishing company as a weighted average of the prices of the common stocks of 30 specific companies classified as industrial The Dow Jones Industrial Average is often taken as an indicator of the movement of American stock prices generally though other indices are maintained averaging the prices of other stocks and these often change in opposite directions from those of the DJIA...
York-Antwerp Rules
York-Antwerp Rules. Optional rules of practice on the subject of general average for the assistance of shipowners, merchants, underwriters and average-adjusters for insertion in bills of lading, charter-parties and policies of insurance. The rules were adopted as a result of a conference of the Associa-tion for Reform and Codification of the Law of Nations at Antwerp in 1877. The Average Adjusters' Rules adopted by the English Association of English Average Adjusters have been drawn for the same purpose....
Average of the basic wage
Average of the basic wage, the expression 'average of the basic wage' can only mean the wage earned by a workman during a month divided by the number of days for which he has worked and multiplied by 26 in order of arrive at the monthly wage for the computation of gratuity payable, Delhi Cloth and General Mills Co Ltd. v. Workers, AIR 1970 SC 919 (938): (1969) 2 SCR 307. [Industrial Disputes Act, (14 of 1947) Sch. 3 item 5]...
Passengers
Passengers, persons conveyed from one place to another. Passenger ships are those peculiarly appropriated to the conveyance of passengers, as distinguished from cargo ships. In some respects, passengers by ship may be considered as a portion of the crew. They may be called on by the master or commander of the ship, in case of imminent danger, either from tempest or enemies, to lend their assistance for the general safety; and in the event of their declining, may be punished for disobedience. This principle has been recognized in several cases; but as the authority arises out of the necessity of the case, it must be exercised strictly within the limits of that necessity, Boyce v. Bayliffe, (1807) 1 Camp 58.A passenger is not, however, bound to remain on board a ship in the hour of danger, but may quit it if he has an opportunity; and he is not required to take upon himself any responsibility as to the conduct of the ship; if he incurs any responsibility, and perform extraordinary servic...
Slugging average
a measure of the effectiveness of a batter at reaching base and advancing other runners calculated as the sum of the number of bases reached on each hit divided by the total number of times at bat A double counts two bases a triple three a home run four Thus a batter with four singles two doubles and a triple in 20 official times at bat would have a slugging average of 0550 and a batting average of 0350 Also called slugging percentage Compare batting average...
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