In pure salvage there is no prior contract between the property owner and the salvor. The relationship is implied by law based on the principle of natural equity. The salvor has to bring his claim for salvage award before a court which has jurisdiction which will award salvage based on the value of the salvaged property and the “merit of the service” meaning the difficulties and dangers involved in the operator.
Tag: RAW
Salvage value
UK: Estimated monetary amount that could be realised by selling damaged property, cargo or the vessel.
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The amount for which an asset can be sold at the end of its useful life. In insurance circles, this term commonly refers to the scrap value of damaged property. In property insurance, salvage value (e.g., scrap value) will be subtracted from any loss settlement if the insured retains the damaged property. In extra expense coverage, the salvage value of property purchased for temporary use while repairs are made will be deducted in determining the amount of loss recovery.
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US: The amount for which an asset can be sold at the end of its useful life. In insurance circles, this term commonly refers to the scrap value of damaged property. In property insurance, salvage value (e.g., scrap value) will be subtracted from any loss settlement if the insured retains the damaged property. In extra expense coverage, the salvage value of property purchased for temporary use while repairs are made will be deducted in determining the amount of loss recovery.
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The estimated cash amount that would be received if damaged property were to be sold.
Salvor
A person who saves property. In maritime law salvors have a lien on property saved. See SALVAGE.
Salvors
When a ship and cargo or any part thereof are saved at sea by the exertions of any person from impending perils (or) are recovered after an actual abandonment of loss, such persons are called salvors. They are entitled to a compensation for their services, which is called salvage. They have a lien on the property for their salvage, which the laws of all maritime countries respect and enforce.
Same-day surgery
See: ambulatory surgery.
Same-day transfer
Patient admitted as an inpatient to a hospital and then transferred the same day to another acute care or skilled nursing facility.
Sample
Subgroup of a universe of cases or subjects under study, selected according to some rule or plan. A finite portion of a population.
Sanction
1. Official approval or authorization. 2. Penalty that results from failure to comply with a law. 3. In the Medicare or Medicaid programs, a penalty or exclusion from the program for fraud or other violation such as soliciting or receiving a kickback for referring patients for other medical services, using substandard treatments, or doing procedures that harm patients.
Sanction action
To impose civil monetary penalties or exclusion of a provider from participation in the Medicare and Medicaid programs for a specific period of time due to conviction of a Medicare- or Medicaid-related crime.
Sanctioned provider list
Office of Inspector General (OIG) record of providers, individuals, and entities that are excluded from Medicare reimbursement. This list includes identifying information about the sanctioned party, specialty, notice date, sanction period, and sections of the Social Security Act used in arriving at the determination to impose a sanction. It is titled List of Excluded Individuals/Entities (LEIE) and may be found at http://oig.hhs.gov/fraud/exclusions.asp . Also called exclusion list.