Insurance Transactions - Law Dictionary Search Results
viatical settlement
viatical settlement [probably from Latin viaticum provision for a journey] : an agreement by which the owner of a life insurance policy covering a person (as the owner) with a catastrophic or life-threatening illness receives compensation for less than the expected death benefit of the policy in return for an assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the policy to the other party (as a company specializing in such transactions) ...
Contract
Contract, an agreement between competent parties, to do or to abstain from doing some act. For numerous other definitions, see Chalmers's Sale of Goods Act, App. II., where it is said that the 'disposition of the best modern writers appears to be to define ' contract ' as an agreement enforce-able at law,' but contended that this definition seems rather too narrow.Every contract is founded upon the mutual agree-ment of the parties; the other essentials are legality, capacity (depending on age, mental ability, sex and status) a mutual identity of consent (consensus ad idem), and form. When an agreement is stated either verbally or in writing it is usually called an express contract; when the agreement is matter of inference and deduction, it is called n implied contract. (See IMPLIED CONTRACT.)Contract, which provides that the price includes the cost of the goods, the freight and the insurance premium for the transit, Halsbury's Laws of England, Vol. 3(1), para 253, p. 210.Contracts may...
Life assurance
Life assurance, a transaction where by a sum of money is secured to be paid upon the death of the person whose life is assured, or upon the failure of one out of two or more joint lives. See INSURANCE...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Office
Office, an employment, either judicial, municipal (see CORPORATE OFFICE), civil, military, or ecclesiastical.As to obtaining offices by desert only, the repealed 12 Ric. 2, c. 2, enacted that--The Chancellor, Treasurer, . . . the Justices of the one bench and the other, Barons of the Exchequer and all other that shall be called to ordain, name, or make justices of the peace, sheriffs, . . . or any other officer or minister of the King shall be firmly sworn that they shall not ordain name, or make justice of peace, sheriff . . . nor other officer or minister of the King for any gift or brocage, favour or affection: nor that none that pursueth by him or by other privily or openly to be in any manner of office shall be put in the same office or in any other; but that they make all such officers and ministers of the best and most lawful men, and sufficient to their estimation and knowledge.Officia magistratus non debent esse venalia, (The offices of a magistrate ought not to be saleable.)L...
Trade Union
Trade Union. The Acts 30 & 31 Vict. cc. 8, 74, provided for facilitating the proceedings of a commission appointed by Queen Victoria to inquire into and report on the organization and rules of trade unions, and other associations of employers and workmen. The (English) Trade Union Act, 1871 (34 & 35 Vict. c. 31), provides:-S. 2. 'The purposes of any trade union shall not, by reason merely that they are in restraint of trade, be deemed to be unlawful, so as to render any member of such trade union liable to criminal prosecution for conspiracy or otherwise.'S. 3. 'The purposes of any trade union shall not, by reason merely that they are in restraint of trade, be unlawful so as to render void or voidable any agreement or trust.'S. 4. 'Nothing in this Act shall enable any court to entertain any legal proceeding instituted with the object of directly enforcing or recovering damages for breach of any of the following agreements, namely,(1) Any agreement between members of a trade union as su...
Value of goods
Value of goods, means the value as ascertained from the purchase invoices or bills and includes insurance charges, excise duties, countervailing duties, value added tax, sales tax, transport charges, freight charges and all other charges incidental to the transaction of the goods:Provided that where the purchase invoices or bills are not produced or when the goods are acquired or obtained otherwise than by way of purchase, the value of goods shall be the value at which the goods of like kind or quality are sold or are capable of being sold in open market. [Gujarat Value Added Tax Act, 2003, s. 2(35)]...
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