Valued Policy - Law Dictionary Search Results
loss
or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the … loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or
Average
loss by maritime law is shared proportionately between the shipowners and the owners of the cargo, according to value. This risk is almost always covered by insurance. An Average Bond is a bond entered into by the … Edw. 7, c. 41), s. 76, as the meaning of 'warranted free from particular average in marine insurance policies.' As to salvage loss and generally, see tits. 'ADJUSTMENT,' 'INSURANCE' and 'CONSTRUCTIVE TOTAL LOSS,' and consult Arnould's Marine
Company
kept at the lowest possible level. But gradually this doctrine was eroded by the emergence of new social value which recognised the role of the State as an active participant in the social and economic life of … The adoption of the socialistic pattern of society as the ultimate goal of the country's economic and social policies hastened the emergence of this new concept of the corporation. The socio-economic objectives set out in Part IV
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benefit
old age, or unemployment b : payment or service provided for under an annuity, pension plan, or insurance policy see also death benefit c : fringe benefit benefit vb … benefit 1 : something that provides an advantage or gain ;specif : an enhancement of property value, enjoyment of facilities, or increase in general prosperity arising from a public improvement general benefit : a benefit
Wages
or wagering contracts were never declared to be illegal by courts in India as being contrary to public policy as offending the principles of ancient Hindu Law and it was not possible to give a novel content … privilege or benefit which is capable of being estimated in money, other than a travelling allowance or the value of any travelling concession or a contribution paid by the employer of a workman towards any pension or
Consideration
is the amount of the consideration. If it is anything other than money, then it has to be valued, Marren (Inspector of Taxes) v. Marriage, (1980) 3 All ER 95. May be a customs agent or forwarding … of a statute. The former illegality exists whenever the consideration is founded upon a transaction which violates public policy or morality:'as a contract to commit, conceal, or compound a crime; a contract for illicit cohabitation; or a
trust
parties and esp. when a trust is necessary to avoid an inequitable result or to prevent fraud individual policy pension trust : an insurance trust created as a retirement plan in which individual life insurance policies are … which the named beneficiaries receive a fixed payment of not less than five percent of the fair market value of the original principal over the course of a specified period after which the remaining principal passes to
party
accommodation party : a party who signs and thereby incurs liability on an instrument that is issued for value and given for the benefit of an accommodated party secured party : a party holding a security interest … of persons usually sharing a set of political ideals who are organized for the purpose of directing the policies of a government
contract
and agrees not to join a labor union in order to get a job 2 : an insurance policy 3 : the study of the law regarding contracts usually used in pl. vt 1 : to undertake … : a contract in which the obligations of the parties to perform are equal to each other in value constructive contract : quasi contract in this entry contract for deed : land installment contract in this entry
pair-or-set clause
pair-or-set clause : a provision in an insurance policy giving the insurer the option in the case of loss of fewer than all items in a set … the case of loss of fewer than all items in a set to restore the set to its value before the loss or pay the difference between the value before and after the loss
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