The rate used to determine the amount of the insured’s weekly benefits.
Insurance Encyclopedia
Average weekly wages (AWW)
In workers’ compensation cases, employee’s ability to earn wages including tips, gratuities, and nonmonetary earnings, expressed as a weekly earnings amount. AWW is established by using earnings from up to the 12 months (52 weeks) prior to the injury and divided by the actual number of weeks used.
Average wholesale price (AWP)
1. Pharmaceutical price based on common data and written in a pharmacy provider contract. 2. Average cost for a medicine charged to pharmacy providers by a pharmaceutical wholesaler supplier.
Average/average clauses (marine)
See: Average 2.
Aviation Accident
Accident means any one accident or series of accidents arising out of one event.
Aviation accident insurance (Life Insurance)
Insurance that covers passengers or pilots on a regularly scheduled airline.
Aviation exclusion (Life Insurance)
An exclusion that states the insured is not covered unless he or she is in a regularly scheduled airline. For example, the insured is not covered in the event of a small-plane crash.
Aviation Fixed Base Liability
The Liability coverage needed by fixed based operators i.e., those who operate commercial enterprises and operate out of one airport. Aircraft dealers, charterers and instructions are example.
Aviation Ground Coverage
Insurance for specified perils applicable to the hull when a plane is not flying. Similar to collision and comprehensive coverage in an automobile policy. There are different forms of ground coverage: “Not in Flight” covers the plane on the ground only but includes taxing. “Not in Motion” covers the plane on the ground and not in motion.
Aviation Hazard
The hazard of accidental death or injury resulting from participation of aeronautics. 1. Aviation Hazard, Natural