Insurance - Law Dictionary Search Results
Home Dictionary Name: insurance Page: 12trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Domestics
Domestics, menial servants (so called from being intra m'nia domus, within the walls of a house). The contract between them and their masters arises upon the hiring. In this country it is usual to engage domestic servants at a fixed amount of wages per annum. But there is generally no express stipulation as to the time that the service is to last; and when the terms are not otherwise defined the contract is thus understood that either party may determine the service at pleasure, upon a month's warning or upon payment of a month's wages. As to the persons entitled under a bequest to 'domestic servants,' see Re Lawson, (1914) 1 Ch 682; Re Jackson, 39 TLR 400. See MASTER AND SERVANT.For the purposes of Unemployment Insurance, employment in domestic service, except where the employed in any trade or business carried on for the purpose of gain, is an excepted employment under the (English) Unemployment Insurance Acts, 1935 and 1936 (25 & 26 Geo. 5, c. 8) and (26 Geo. 5 & 1 Edw. 8, c. 13). H...
Any person
Any person, the effect of the 1994 amendment on s. 147 is unambiguous. Where earlier, the words 'any person' could be held not to include the owner of the goods or his authorised representative travelling in the goods vehicle, Parliament has now made it clear that such a construction is no longer possible. The scope of this rationale does not, however, extend to cover the class of cases where gratuitous passengers for whom no insurance policy was envisaged, and for whom no insurance premium was paid, employed the goods vehicle as a medium of conveyance, National Insurance Co. Ltd. v. Baljit Kaur, (2004) 2 SCC 1 (5): AIR 2004 SC 1340. [Motor Vehicles Act, s. 147(1)(b) (as amended in 1994)]The expression 'any person' can be restricted to those on the managerial or administrative staff only. One cannot arbitrarily cut down the amplitude of an expression used by the legislature, Central Bank of India v. Workmen, AIR 1960 SC 12 (23): (1960) 1 SCR 200. (Banking Regulation Act, 1949, s. 10)Th...
Constructive total loss
Constructive total loss, a term used in the law of marine insurance to denote a loss which entitles the assured to claim the whole amount of his insurance, on giving to the assurers notice of abandonment. Generally there is a constructive total loss when the subject-matter assured has not actually perished or lost its form or species, but has, by one of the perils insured against, been reduced to such a state or placed in such a position as to make its total destruction, though not inevitable, yet highly imminent, or its ultimate arrival under the terms of the policy, though not utterly hopeless, yet exceedingly doubtful. In such a case the assured, by giving notice within a reasonable time to the assurers of abandonment, i.e., the relinquishment of all his right to whatever may be saved, is entitled to recover against them as for a total loss.If notice is not given, the loss is treated as a partial loss unless the ship in fact has become a total loss or if there would be no possibilit...
Factory
Factory, a place where a number of traders reside in a foreign country for the convenience of trade; also a building in which goods are manufactured.In the Factory and Workshop Act, 1901, 'Factory' means by s. 149 'textile factory and non-textile factory, or either of those descriptions of factories.'The expression 'textile factory' means any premises wherein or within the close or curtilage of which steam, water or other mechanical power is used to move or work any machinery employed in preparing, manufacturing or finishing or in any process incident to the manufacture of cotton, wool, hair, silk, flax, hemp, jute, tow, china-grass, cocoanut fibre or other like material, either separately or mixed together or mixed with any other material, or any fabric made thereof:Provided that print works, bleaching and dyeing works, lace warehouses, paper mills, flax scutch mills, rope works and hat works shall not be deemed to be textiles factories.'Tenement factory' means a factory when mechanic...
Letter of cover
Letter of cover, a letter of cover no doubt contains a contract of insurance but it is not a policy of insurance in the common understanding of that word in the trade. It is well known that in order to obtain an insurance against the risk of fire the assured has first to send a proposal to the insurer and then the insurer takes a little time in making enquiries as to whether it would accept the proposal and undertake the obligation of covering the risk. He issues a policy only after he is satisfied that it would be a prudent business proposition to do so. Experience of trades people has however shown that some kind of protection for the interim period when the insurer is making the enquiries is necessary. This protection is given by what is called a 'letter of cover', R. Ratilal v. National Security Insurance Co. Ltd., AIR 1964 SC 1396 (1398). (Stamp Act, 1899, s. 35)...
Policy Proof of Interest (P.P.I.) (English)
Policy Proof of Interest (P.P.I.) (English). A policy of marine insurance which was made valid by its terms, although the insurer had no insurable interest. Such a policy in the absence of an insur-able interest is made void by the Gaming Act, 1845. The Marine Insurance Act, 1906 (s. 4), specifically declares such policies void. The Marine Insurance (Gambling Policies) Act, 1909, makes it an offence to effect a contract of marine insurance without an insurable interest....
Shop
Shop, a place where thins are kept for sale, usually in small quantities, to the actual consumers. By (English) Shops Act, 1912, s. 19, 'shop' includes any premises where any 'retail trade or business' is carried on; 'retail trade or business' includes the business of a barber or hairdresser, but not the sale of programmes, etc., at places of amusement.A business establishment or place of employment; a factory, office, or other place of business, Black's Law Dictionary, 7th Edn., p. 1384.The (English) Shops Act, 1934, deals with the employment of persons under eighteen years, repealing s. 2 of the (English) Shops Act, 1912; but the other provisions are unaffected. The 1934 Act, s. 1, provides that no young person (under eighteen) shall be employed for more than the normal maximum working hours, that is, forty-eight hours in any week; it makes restrictions on right employment, has special provisions as to the catering trade, the sale of accessories for Aircraft, motor vehicles and cycle...
Wagering policies
Wagering policies, those effected for gambling purposes, which are void by 14 Geo. 3, c. 48. As far as marine insurance is concerned the matter is dealt with by s. 4 of the Marine [Insurance Act, 1906, and the Marine Insurance (Gambling Policies) Act, 1909. See INSURANCE...
Marine adventure
Marine adventure, includes any adventure where-(i) any insurable property is exposed to maritime perils; (ii) the earnings or acquisition of any freight, passage money, commission, profit or other pecuniary benefit, or the security for any advances, loans, or disbursements is endangered by the exposure of insurable property to maritime perils; (iii) any liability to a third party may be incurred by the owner of, or other person interested in or responsible for, insurable property by reason of maritime perils. [Marine Insurance Act, 1963 (11 of 1963), s. 2(d)]...
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