Liability Insurance - Page 5 - Law Dictionary

coverage

coverage 1 : protection or indemnification by an insurance policy [the policy provides extensive against burglary] 2 : a risk assumed by the terms of an insurance contract [the policy lists four s: liability, medical payments, uninsured motorists, and physical damage] ...

escape clause

escape clause : a clause in a contract that allows a party to avoid liability under the contract for specified reasons ;esp : a provision in an insurance policy that denies coverage when other insurance covers the risk ...

malpractice insurance

malpractice insurance Protection of professional people (attorneys, doctors or accountants) against claims of liability. Source: FindLaw ...

reciprocal exchange

reciprocal exchange : an unincorporated association in which members (as individuals, partnerships, trustees, or corporations) exchange contracts and pay premiums through an attorney-in-fact for the insurance of each other [liability of each member of the reciprocal exchange was limited to ten times the annual premium] called also interinsurance exchange reciprocal insurance exchange reciprocal interinsurance exchange ...

liquid

liquid 1 a : consisting of cash or capable of ready conversion into cash [ assets] b : capable of covering current liabilities out of current assets esp. in a rapid manner [a insurer] 2 : of or relating to a security or commodity with enough shares or units outstanding to hinder significant price variation from large transactions ...

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 ...

reinsure

reinsure : to insure again : transfer or assume (liability) through reinsurance [frequently part of their exposure "R. I. Mehr"] ...

Defunct banking Company

Defunct banking Company, means a banking company: (i) which has been prohibited from receiving fresh deposit, or (ii) which has been ordered to be wound up, or (iii) which has transferred all its deposit liabilities in India to any other institution etc. [Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961), s. 2(f)]...

Defunct co-operative bank

Defunct co-operative bank, means a co-operative bank: (i) which has been prohibited from receiving fresh deposits, or (ii) which has been ordered or directed to be wound up, or (iii) which has transferred all its deposit liabilities in India to any other institution, or (iv) which has ceased to be a Co-operative Bank etc. [Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961), s. 2(ff)]...

Reserve

Reserve, the term 'reserve' is not defined in the Act. The dictionary meaning of the word 'Reserve' is: To keep for future use or enjoyment; to store up for some time or occasion; to refrain from using or enjoying at once. To keep back or hold over to a later time or place or for further treatment. To set apart for some purpose or with some end in view; to keep for some use. To retain or preserve for certain purposes.' (Oxford Dictionary). In Webster's New International Dictionary, Second Edition, page 2118, 'Reserve' is defined as follows:To keep in store for future or special use; to keep in reserve; to retain, to keep, as for oneself. To keep back; to retain or hold over to a future time or place. To preserve, Commissioner of Income Tax v. Century Spinning and Manufacturing Co., AIR 1953 SC 501: (1954) SCR 203.(ii) As to what the word 'Reserves' as used in the Business Profits Tax Act connotes, was considered by this Court in Commissioner of Income-tax v. Century Spinning & Manufact...

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