Valued Policy - Law Dictionary Search Results
declaration
of information (as year, make, and model) regarding the subject (as a car) and coverage of an insurance policy 4 : a statement creating or giving notice of the creation of a legal entity, relationship, or status … policies of a group or government [ of rights] compare constitution, proclamation b : a statement of the value of property that is subject to a tax (as a duty) ;also : a statement of the amount
full reporting clause
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
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.
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property
: property that has a tangible and corporeal existence and intrinsic economic value because of it [the insurance policy restricted property damage coverage to tangible property] compare intangible property in this entry 2 : one or more … land with their component parts intangible property : property (as a stock certificate or professional license) that derives value not from its intrinsic physical nature but from what it represents in·tel·lec·tu·al property [in-tə-lek-chə-wəl-] : property that derives
Actuary
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 & … 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 relating to insurance business, annuities, insurance and pension rates on the basis
Premium
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
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 … overinsurance : insurance (as from two or more policies) that exceeds the value of the thing covered [ may lead to fraud by the insured] ;broadly :
Constructive total loss
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 … a wrecked ship has become a constructive total loss if the cost of repairing her would exceed her value when repaired. The other is that she will become so when a prudent uninsured owner would not repair
Annual turnover
meaning, Secretary, Ministry of Chemicals and Fertilisers, Government of India v. Cipla Ltd., (2003) 7 SCC 1. [Drugs Policy 1994, s. 2] … Annual turnover, represents the value of goods or services sold or supplied during a period of one year. The amount of money turned
Insurance
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 … overboard, cut loose an anchor and cable, or cut away his masts, the loss is distributed over the value of the ship and cargo as general average. (b) Particular average comprehends all loss occasio-ned to ship, freight,
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