Pure Premium - Law Dictionary Search Results
Home Dictionary Name: pure premiumpure premium
pure premium : net premium ...
Premium and rent
Premium and rent, when the interest of the lessor is parted with for a price paid is premium or salami. But the periodical payments made for the continuous enjoyment of the benefits under the lease are in the nature of rent. The former is a capital income and the latter a revenue receipt. There may be circumstances where the parties may camouflage the real nature of the transaction by using clever phraseology. In some cases, the so-called premium is in fact advance rent and in others rent is deferred price. It is not the form but the substance of the transaction that matters. The nomenclature used may not be decisive or con-clusive but it helps the Court, having regard to the other circumstances, to ascertain the intention of the parties, CIT v. Panbori Tea Co. Ltd., AIR 1965 SC 1871 (1873): (1965) 3 SCR 811. [T.P. Act, 1882, s. 105]...
earned premium
earned premium : the difference between the amount of premium paid by the insured and the amount returned to the insured by the insurer upon cancellation of a policy before its term expires ...
net premium
net premium : an insurance premium consisting of the amount required to pay the insurance liability on its becoming due without paying any expenses or contingent charges ...
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 ...
written premium
written premium : premium received by an insurer in a particular period and esp. annually ...
Premium
Premium, a consideration; something given to invite a loan or a bargain; the consideration paid to the assignor by the assignee of a lease, or to the transferor by the transferee of shares or stock, etc.Also the name given to the annual or other payment for renewal of a policy of assurance.When shares are issued for consideration other than cash the value of the assets transferred in excess of the par value of shares issued would be regarded as premium for purpose of our system of law, Income Tax Commissioner (Central Calcutta) v. Standard Vacuum Co., AIR 1966 SC 1393 (1397). [Business Profits Tax Act, 1947, Sch. II, R. 2(1)]...
Pure
Separate from all heterogeneous or extraneous matter free from mixture or combination clean mere simple unmixed as pure water pure clay pure air pure compassion...
pure
pure 1 a : unmixed with any other matter b : free from dirt or taint 2 : being thus and nothing other [a no-fault compensation system] pure·ly adv pure·ness n ...
pure race
pure race : of, relating to, or being a recording act in which the first party to properly record documentation of an interest in property has priority regardless of notice of other claims [a pure race statute] compare notice, race-notice ...
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