Valued Policy - Law Dictionary Search Results
Home Dictionary Name: valued policy Page: 2 Page 2 of about 36 results ( seconds)Open policy
Open policy, one in which the value of the ship or goods insured is to be ascertained in case of loss....
full reporting clause
full reporting clause : a clause in an insurance policy which provides that the indemnity will not exceed that proportion of loss which the last reported value of the property bears to the actual value ...
inflation coverage
inflation coverage endorsement to a homeowner's policy that automatically adjusts the amount of insurance to compensate for inflationary rises in the home's value. This type of coverage does not adjust for increases in the home's value due to improvements. Source: U.S. Department of Housing and Urban Development ...
property
property pl: -ties [Anglo-French propreté proprieté, from Latin proprietat- proprietas, from proprius own, particular] 1 : something (as an interest, money, or land) that is owned or possessed see also asset, estate, interest, possession abandoned property : property to which the owner has relinquished all rights NOTE: When property is abandoned, the owner gives up the reasonable expectation of privacy concerning it. The finder of abandoned property is entitled to keep it, and a police officer may take possession of abandoned property as evidence without violating the Fourth Amendment to the U.S. Constitution. after-acquired property 1 : property (as proceeds) that a debtor acquires after the commencement of a bankruptcy case and that is usually considered part of the bankruptcy estate 2 : property acquired after the perfection of a lien or security interest ;esp : such property acquired after the creation of a lien or security interest that is subject to the lien or...
Actuary
Actuary, a registrar of a public body. Also a clerk who registers the acts and constitutions of the Lower House of Convocation; or a registrar in a Court Christian. Especially a person skilled in calculating the value of life interests, annuities, and insurances. The (English) Local Government and other Officers' Superannuation Act, 1922 (12 & 13 Geo. 5, c. 59), defines actuary as meaning a fellow of the Institute of Actuaries or the Faculty of Actuaries in Scotland. The Institute of Actuaries was formed in 1848 and incorporated by royal charter on July 29, 1884.An actuary possessing such qualifications as may be by regulations made by authority. [Insurance Act (4 of 1938), s. 2(a)]Means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits, recommending rates r...
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)]...
overinsurance
overinsurance : insurance (as from two or more policies) that exceeds the value of the thing covered [ may lead to fraud by the insured] ;broadly : excessive insurance (as from needlessly duplicative coverage) ...
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...
trust
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...
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...
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