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A reward or recompense a prize to be won by being before another or others in a competition reward or prize to be adjudged a bounty as a premium for good behavior or scholarship for discoveries etc...
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...
Bounty
Bounty, (1) a premium paid by Government to the producers, exporters, or importers of certain Articles, or to those who employ ships in certain trades, with a view of encouraging the establishment of some new branch of industry, or of fostering and extending a trade that is believed to be of paramount importance. See Smith's Wealth of Nations, Bk. iv. c. v. Bounties have been entirely abolished in England, and the Sugar Convention Act, 1903 (3 Edw. 7, c. 21), which authorized restrictions upon the importation of bounty-fed sugar into the United Kingdom, has been repealed.(2) Queen Anne's Bounty: see BOUNTY OF QUEEN ANNE.(3) Money paid to officers and crew of a king's ship which had successfully engaged pirates, slave traders, etc.(4) King's Bounty: the grant made by the Crown on the birth of three or more infants in wedlock at one confinement.Means a premium or benefit offered or given especially by a Government, to induce someone to take action or perform service e.g. a bounty for the...
Fair market value
Fair market value.--(i) in relation to any immovable property transferred by way of sale or exchange, being immovable property of the nature referred to in sub-clause (i) of clause (e), means the price that the immovable property would ordinarily fetch on sale in the open market on the date of execution of the instrument of transfer of such property;(ii) in relation to any immovable property transferred by way of lease, being immovable property of the nature referred to in sub-clause (i) of clause (e), means the premium that such transfer would ordinarily fetch in the open market on the date of execution of the instrument of transfer of such property, if the consideration for such transfer had been by way of premium only;(iii) in relation to any immovable property transferred, being immovable property of the nature referred to in sub-clause (ii) of clause (e), means the consideration in the form of money that such transfer would ordinarily fetch in the open market on the date of the tr...
Policy of insurance
Policy of insurance, a contract between A. and B., that upon A.'s paying a premium equivalent to the hazard run, B. will indemnify or insure him against a particular event. See INSURANCE.The (English) Policies of Assurance Act, 1867, enabled assignees of life policies to sue thereon in their own names. The (English) Policies of Marine Assurance Act, 1868, made a like provision in regard to marine policies. See also CHOSE.It includes:(a) any instrument by which one person, in consideration of a premium, engages to indemnify another against loss, damage or liability arising from an unknown or contingent event.(b) a life-policy, and any policy insuring any person against accident or sickness, and any other per-sonal insurance. [Indian Stamp Act, 1899 (2 of 1899), s. 2 (19); Rajasthan Stamp Act, 1999, s. 2(27)]...
Bonus
Bonus, premium or advantage; an occasional extra dividend; a gratuity. As to the respective rights of tenant for life and remaindermen in a bonus declared by a company, see Bouch v. Sproule, (1887) 12 App Cas 385; Re Northage, (1891) 60 LJ Ch 488, and see Palmer's Company Law, 15th Edn., 228.Means a premium paid in addition to what is due or expected e.g. year end bonus. In the employment context, worker's bonuses are not a gift or gratuity; they are paid for services or on consideration in addition or in excess of the compensation that would ordinarily be given; a payment made to the lessee for the execution of an oil-and-gas lease, the lessee received a large bonus at closing, Black Law Dictionary, 7th Edn., p. 176.Bonus is not, as its etymological meaning would suggest, a mere matter of bounty gratuitously made by the employer to his employees; nor is it a matter of deferred wages. It has been held by this Court in Muir Mills Co. Ltd. v. Suti Mills Mazdoor Union, Kanpur, (1955) 1 SC...
Backwardation
The sellers postponement of delivery of stock or shares with the consent of the buyer upon payment of a premium to the latter also the premium so paid See Contango...
short rate
short rate 1 : an insurance premium charge for less than a year of coverage that is more than a pro rata part of the annual premium 2 : an insurance policy written for less than one year called also short term ...
annuity
annuity pl: -ities [Medieval Latin annuitas, from Latin annuus yearly] 1 : an amount payable at regular intervals (as yearly or quarterly) for a certain or uncertain period 2 : the grant of or the right to receive an annuity [his will included annuities for several old friends] 3 : a contract (as with an insurance company) under which one or more persons receive annuities in return for prior fixed payments made by themselves or another (as an employer) annuity cer·tain pl: annuities certain : an annuity payable over a specified period even if the annuitant dies annuity due pl: annuities due : an immediate annuity in which the payment of the benefits is made at the beginning of each payment interval rather than at the end contingent annuity : an annuity whose starting or ending date depends on the occurrence of an event (as the death of the annuitant) whose date is uncertain con·ven·tion·al annuity : an annuity under which the annuitant receives a specified...
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...
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