constructive total loss Quick reference
A Dictionary of Business and Management (6 ed.)
... total loss A loss in which the item insured is not totally destroyed but is so severely damaged that it is not financially worth repairing. The Marine Insurance Act 1906 defines a constructive total loss as one in which ‘the subject matter insured is reasonably abandoned on account of its actual total loss appearing to be unavoidable, or because it could not be preserved from actual total loss without an expenditure which would exceed its value when the expenditure had been...
constructive total loss Quick reference
The Oxford Companion to Ships and the Sea (2 ed.)
... total loss , a marine insurance term indicating that the cost of repairing damage to a ship will exceed its total value. In such a case the insurance payment is the total sum for which it has been insured, and not the estimated cost of repairs. See also wreck...
constructive total loss Quick reference
A Dictionary of Law (10 ed.)
... total loss A loss of a ship or cargo that is only partial but is treated for the purposes of a marine insurance policy as if it were an actual total loss . This may occur when an actual total loss either appears unavoidable (e.g. when a perishable cargo becomes stranded indefinitely) or can only be prevented by incurring expenditure greater than the value of the ship or cargo. In estimating the cost of repairs for this purpose, general average contributions by other insurers are left out of account, but the expense of salvage operations is a...
constructive total loss
1 Corinthians Reference library
John Barclay and John Barclay
The Oxford Bible Commentary
...which subordinate care for others to the acquisition and display of one's own knowledge. Thus, once again, he warns against becoming ‘puffed up’ ( cf. 4:6 and the same verb, translated as ‘to be arrogant’, in 4:19, 5:2 , and 13:4 ) and sets the priority on the constructive capability of love ( v. 2; cf. chs. 12–14 ). In the very claim to knowledge Paul fears the corrupting power of arrogance which needs to be humbled by recognizing the inadequacy of our present ‘knowledge’ and the far greater value of being ‘known by’ God ( vv. 2–3; cf. 13:8–13...
partial loss
abandonment
actual total loss
marine insurance
abandonment
partial loss (in marine insurance) Quick reference
A Dictionary of Law (10 ed.)
...loss ( in marine insurance ) Any loss of the subject matter of an insurance policy other than an actual total loss or a constructive total loss . In the case of a partial loss there is a lesser measure of indemnity than in the case of a total loss. See also average...
actual total loss Quick reference
A Dictionary of Business and Management (6 ed.)
...total loss The complete destruction or loss of an insured item or one that has suffered an amount of damage that makes it cease to be the thing it originally was. For example, a motor car would be an actual total loss if it was destroyed, stolen and not recovered, or damaged so badly that the repair cost exceeded its insured value. See also constructive total loss...
abandonment Quick reference
The Oxford Companion to Ships and the Sea (2 ed.)
..., a term used in marine insurance indicating the surrender of a ship and its cargo to the insurers when the ship is a constructive total loss . Once notice of such a loss has been promulgated it is irrevocable and the insurers can then take whatever measures are necessary to recover the ship and its...
actual total loss (in marine insurance) Quick reference
A Dictionary of Law (10 ed.)
...total loss ( in marine insurance ) A loss of a ship or cargo in which the subject matter is destroyed or damaged to such an extent that it can no longer be used for its purpose, or when the insured is irretrievably deprived of it. If the ship or cargo is the subject of a valued policy , the measure of indemnity is the sum fixed by the policy; if the policy is unvalued, the measure of indemnity is the insurable value of the subject insured. Compare constructive total loss...
abandonment Quick reference
A Dictionary of Business and Management (6 ed.)
...been completely lost or destroyed. If the insurers agree to abandonment, they will pay a total-loss claim ( see actual total loss ; constructive total loss ). This often occurs in marine insurance if a vessel has run aground in hazardous waters and the cost of recovering it would be higher than its total value and the value of its cargo. It also occurs during wartime when a vessel is captured by the enemy. If the owner wishes to declare a vessel and its cargo a total loss, notice of abandonment is given to the insurer; if, subsequently, the vessel or its...
marine insurance Quick reference
A Dictionary of Law Enforcement (2 ed.)
...a particular voyage, or for a specified time, or both. In marine insurance a distinction is made between an actual total loss and a constructive total loss ; partial loss is subject to average. The law relating to marine insurance is codified by the Marine Insurance Act 1906 . Under this Act marine insurance contracts that are by way of being wagering or gaming contracts are void; these include contracts in which the insured has no insurable interest as defined in the...
abandonment Quick reference
A Dictionary of Travel and Tourism
...1. Insurance term describing the owner’s right to claim the total sum insured for aircraft, ships, or coaches. Perhaps in the case of detention abroad or partial damage, an owner may be allowed, under the terms of an insurance, to declare that there has been a constructive loss and therefore claim in full. 2. The same term is used in the US when an airline no longer wishes to operate on a route for which a licence has been...
marine insurance Quick reference
A Dictionary of Law (10 ed.)
...a particular voyage, or for a specified time, or both ( see time policy ). In marine insurance a distinction is made between an actual total loss and a constructive total loss ; partial loss is subject to average . The law relating to marine insurance is codified by the Marine Insurance Act 1906 as amended by the Consumer Insurance (Disclosure and Representations) Act 2012. Under this Act marine insurance contracts that are by way of being wagering or gaming contracts are void; these include contracts in which the insured has no insurable interest as...
abandonment Quick reference
A Dictionary of Law (10 ed.)
...there for the purpose of being collected as refuse. In marine insurance, abandonment is the surrender of all rights to a ship or cargo in a case of constructive total loss . The insured person must do this by giving the insurer within a reasonable time a notice of abandonment , by which he relinquishes all his rights to the ship or cargo to the insurer and can treat the loss as if it were an actual total loss. 2. In civil litigation, the relinquishing of the whole or part of the claim made in an action or of an appeal. Any claim is now considered to be...
Prospect Theory and Political Decision Making Reference library
Ferdinand M. Vieider and Barbara Vis
The Oxford Encyclopedia of Political Decision Making
...over pure losses, or as a mixed decision involving both gains and losses. Figure 1 illustrates this point by showing prospect theory’s reference-dependent utility function. Other than under expected utility theory, where preferences are defined over total wealth, preferences in prospect theory are defined over changes in wealth from a reference point (indicated at 0 in Figure 1). This results in decreasing sensitivity over such changes, as captured by the concave pattern of the utility for gains and the convex patterns of the utility for losses—a given...
