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The wages here means wages last drawn by the employee. The "15 days' wages" will be calculated by dividing the last drawn wages by 26 and multiplying the result with 15. But under Section 4(3), the maximum gratuity that is payable is fixed at ₹20,00,000. Any gratuity amount paid in excess of ₹20,00,000 is taxable in the employee's hands. [4]
The basic limit is a lower limit of liability under which there is a more credible amount of data. [2] For example, basic limit loss costs or rates may be calculated for many territories and classes of business. At a relatively low limit of liability, such as $100,000, there may be a high volume of data that can be used to derive those rates.
It typically applies when liability exceeds the limits of other policies, although it may also serve as primary insurance for losses not covered by other policies. When an insured person is liable, the insured's primary insurance policies pay up to their limits, and any additional amount is paid by the umbrella policy (up to the limit of the ...
As of September 2013, each reactor company is obliged to contribute up to $121,255,000 per reactor in the event of an accident with claims that exceed the $450 million insurance limit. As of 2013, the maximum amount of the fund is approximately $12.61 billion ($121,255,000 × 104 reactors) if all of the reactor companies were required to pay ...
For example, with an effective date of 06/01/2010 and coverage expiring on 06/01/2011 and the insured does not renew the coverage on or before 06/01/2011 then the insured may have to enroll with a gap in coverage, resulting in a loss of prior acts coverage such that there is no coverage for any business placed prior to their new effective date.
New minimum car insurance liability limits: 50/100/25 Change effective Jan. 1, 2025 The 2025 minimum coverage increase is phase two of Virginia’s car insurance overhaul .
In financial accounting, a liability is a quantity of value that a financial entity owes. More technically, it is value that an entity is expected to deliver in the future to satisfy a present obligation arising from past events. [1] The value delivered to settle a liability may be in the form of assets transferred or services performed.
Mandatory tipping (also known as a mandatory gratuity or an autograt) is a tip which is added automatically to the customer's bill, without the customer determining the amount or being asked. It may be implemented in several ways, such as applying a fixed percentage to all customer's bills, or to large groups, or on a customer-by-customer basis ...