Insuring Clause - Law Dictionary Search Results
Home Dictionary Name: insuring clauseOther-insurance clause
Other-insurance clause, means an insurance-policy provision that attempts to limit coverage if the insured have other coverage for the same loss. The three Major other-insurance clauses are the pro rata clause, the excess clause, and the escape clause, Black's Law Dictionary, 7th Edn., p. 1128....
insuring clause
insuring clause : a clause in an insurance policy that sets out the risk assumed by the insurer or defines the scope of the coverage afforded ...
standard other insurance clause
standard other insurance clause : pro rata clause ...
pro rata clause
pro rata clause : a clause in an insurance policy limiting an insurer's liability for a loss to a proportionate share in relation to coverage collectible from other insurers for the same loss called also pro rata liability clause standard other insurance clause ...
market value clause
market value clause : an insurance clause providing for payment of a loss of goods at market value rather than manufacturing cost ...
Sue and labour clause
Sue and labour clause. The name given to a clause in a policy of marine insurance which was introduced to make it clear that the assured and his agents or servants, e.g., master and crew, can take every step to recover insured property in peril without loss of the rights under the insurance and to be repaid any expenditure which may be incurred by the assured or his agents to avert the loss. The clause does not cover general average losses and contributions and salvage charges, (English) Marine Insurance Act, 1906, s. 78 (2), and see Aitchison v. Lohre, (1879) 4 AC 755. The clause is usually in the following form:-'And in case of any loss or misfortune, it shall be lawful to the Assured, their Factors, Servants and Assigns, to sue, labour, and travel for, in, or about the Defence, Safeguard and Recovery of the said Goods and Merchandises and Ship, etc., or any part thereof, without prejudice to this insurance; To the charges whereof, we, the assurers, will contribute, each one accordin...
Continuation clause
Continuation clause. In English time policies it has been usual to provide by a clause attached to the policy, called the continuation clause, that if at the end of the period of insurance the ship is at sea, the insurance may be extended until her arrival at some port, Arnould's Marine Insurance, 8th Edn. P. 570. The Finance Act, 1901, (1 Edw. 7, c. 7), s. 11,provides that a policy of sea insurance shall not be invalid on the ground only that by reason of such a clause it may become available for a period exceeding twelve months, and a continuation clause is for this purpose defined as an agreement to the effect that in the event of the ship being at sea or the voyage otherwise not completed on the expiration of the policy, to subject-matter of the insurance shall be held covered until the arrival of the ship, or for a reasonable time thereafter not exceeding thirty days....
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...
incontestability clause
incontestability clause : a clause in an insurance policy that forbids the insurer from disputing the policy (as on the ground that the insured made false statements) after a set period of time ...
mortgage clause
mortgage clause : a clause in an insurance contract (as for fire insurance) that entitles a named mortgagee to be paid for damage or loss to the property see also open mortgage clause, standard mortgage clause ...
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