The average of the maximum temperature (Tmax) and minimum temperature (Tmin) for a given day as defined 12.00 a.m. to 12.00 p.m. The average temperature is compared with the reference temperature of a weather derivative each day.
Insurance Encyclopedia
Average Weekly Wage
A term generally used in Employees Compensation laws. It is the basis for determining weekly benefits under such laws.
Average weekly wage (Workers Compensation)
The rate used to determine the amount of the insured’s weekly benefits.
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.