Tetrahydrocannabinol is the chemical component of marijuana/cannabis responsible for most of the psychoactive effects. including the “high”, of marijuana/cannabis.
Insurance Encyclopedia
The American College
An educational institute conferring the Chartered Life Underwriter (CLU) designation.
the Employers’ Legal Liability for Employment Accident
The employers’ legal liability for employment accidents arises as follows: (i) Personal negligence of the employer. (ii) The employers’ negligence in failure to use reasonable care and skill in the provision and maintenance of suitable and safe plant, safe place of work and safe system of work. (iii) Breach of statutory regulations in regard to safety of employees (e.g. Factory Acts). (iv) Personal negligence for fellow employees. (v) Negligence of employees in the performance of their employment duties.
The Engineering Approach for Loss Control
The engineering approach emphasizes mechanical or physical causes of accidents such as defective wiring, improper disposal of waste products, poorly designed highway intersections or automobiles, and unguarded machinery, the consideration of engineering hazards is an essential part of any loss control programme. An examination of engineering hazards is supposed to be particularly pertinent to Fire losses because tangible things, such as the construction of the building, the provision for protection, the type of occupancy, and the external features such as the quality of the quality of the surroundings, may contribute to Fire hazard.
The gap
See: doughnut hole .
The Governing Body of Insurance Council (GBIC)
GBIC is established under Redressal of Public Grievances Rules 1998, to set-up and facilitate the Institution of Insurance Ombudsman in India. The Governing Body of Insurance Council consists of one representative each from all insurance companies; the representative is required to be either the Chairman or Managing Director or a Director of the company represented.
The Memorandum
A clause at the end of the S.G. form of Marine Insurance policy which excludes claims for partial loss or damage to certain commodities and imposes a franchise on claims in respect of damage to other named commodities or to ship and freight.
The Room
The underwriting room at Lloyd’s.
Theatrical Floater
Inland marine coverage for theatrical properties, costumes and scenery, against lost or damage other than wear and tear.
Theft
Usually the unlawful taking of property of another; the term includes such crimes as burglary, larceny and robber. According to Sec. 378 of Indian Penal Code, “Anybody intending to take dishonestly any moveable property out of the possession of any person without consent of that person or of any person having, for the purpose, authority, takes and carries away that property is said to commit theft.” Theft, Disappearance and Destruction Coverage Policy : A commercial crime coverage policy covering money and securities against the causes of loss described in its title.
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Any act of stealing. Theft includes larceny, burglary, and robbery.