UK: Stealing by force or threat of force (Theft Act 1968, s.8).
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The felonious taking, either by force or by fear of force, of the personal property of another, commonly known as a hold-up.
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US: The taking of property from a person by force or threat of violence.
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The unlawful taking of property by violence or threat of violence. According to Section 390 of the Indian Penal Code “Theft is robbery if in order to the commission o for in the committing of the theft or in carrying away or in attempting to carry away property obtained by theft, the offender, for that end, voluntarily causes (or attempts to cause) to any person death or hurt or wrongful restraint or fear of instant death or hurt or wrongful restraint. Extortion is robbery if the offender, at the time of committing the extortion, is in the presence of the person put in fear, and commits the extortion by putting that person in fear of instant death, of instant hurt, or of instant wrongful restraint to that person, or to some other person, and, by so putting in fear, induces the person so put in fear then and there to deliver up the thing extorted. (The offender is said to be present if he is sufficiently near to put the other person in fear of instant death, of instant hurt, or of instant wrongful restraint.” Refer also: “Theft.”. Refer also “Extortion”.
Tag: RAW
Robbery (Criminal)
The taking of someone else’s property through force or implied threat of force. Robbery is considered a felony crime.
Robbery and safe burglary coverage form (Criminal)
A commercial crime coverage that exists in two different forms Form D covers property against robbery or safe burglary. Form D only covers property other than money or securities. The other form, Form Q, covers money and securities against safe burglary or robbery.
Rogue trading
Covers financial institutions for direct financial losses caused by traders acting outside their authority. Unauthorised trading means trading which at the time of trade is: (a) in excess of permitted financial limits; or (b) outside of permitted product lines; or (c) not with a designated counterparty. The policy does not cover simple errors or losses caused by traders acting on behalf of third parties and that part of any loss that is deemed to have been authorised. Cover is usually arranged in conjunction with a bankers’ blanket bond.
Rolling
Angular motion about longitudinal axis of ship on high seas.
Rolling store
A vehicle out of which goods are sold. An example would be a mobile snack bar at a construction site. Insurance policies may contain wording that may restrict or define available coverage for this type of operation.
Rollover contribution (Pensions)
A contribution made up of money taken from a qualified plan. This contribution is then rolled into a second qualified plan. This approach keeps the contribution from being taxed.
Rome Convention, 1952
Whilst the air carriers’ liability for injury to passengers and damage to baggage and cargo was defined by the Warsaw Convention, 1929 and Hague protocol, 1955 their liability for injury or damage to persons on the ground was dealt with at the Rome Convention in 1933. The question of third party liability of air carriers was again dealt with at the Rome Convention, 1952 which supersedes the Rome Convention, 1933.
RORO (ROLL ON-ROLL OFF)
Direct drive on/drive off wheeled vehicles on specially designed ocean going vessels.
Rotation Clause
A Clause in an open cover in which many insurers participate to provide that in respect of a small declaration by the insured the proceeds shall not (for reason of economy) be allocated among all the insurers but shall go only to one group of insurers, the proceeds of subsequent declarations going to another group and so on in rotation of all the groups concerned.