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An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions). [1]
A factor deals with managing real property for the ultimate owner. A factor could also be expected to deal with property repair, maintenance, cleaning, landscaping and snow removal, to be coordinated with the landlord's wishes. Such arrangements may require the factor to collect rents, service charges and pay necessary expenses and taxes, making periodic reports to the owner, or the owner may
A loan policy provides no coverage or benefit for the buyer/owner and so the decision to purchase an owner policy is independent of the lender's decision to require a loan policy. Title insurance is available in many other countries, such as Canada, Australia, the United Kingdom, Mexico, New Zealand, Japan, China, South Korea, and throughout ...
The employer is especially liable under a nondelegable obligation when it is reasonably foreseeable that some harm will result to the employee or customer unless some reasonable precautions are taken. [13] As one example, an owner of a ship has a nondelegable obligation to provide a seaworthy ship to passengers or other customers. [14]
Beneficial owner is subject to a state's statutory laws regulating interest or title transfer. [2] This often relates where the legal title owner has implied trustee duties to the beneficial owner. [clarification needed] A common example of a beneficial owner is the real or true owner of funds held by a nominee bank.
The most common circumstance where a fiduciary duty will arise is between a trustee, whether real or juristic, and a beneficiary. The trustee to whom property is legally committed is the legal—i.e., common law—owner of all such property.
The policy owner, who is often the insured, chooses who the primary beneficiary or beneficiaries will be. These individuals receive the death benefit once a claim is filed and approved by the insurer.
Managerial prerogative is that employers and managers can freely supervise according to their own judgments. Its effective exercise includes recruitment, employment, job distribution, job supervision, working methods, working hours, employee rules and regulations, employee supervision, employee transfer, employee sanctions, layoffs, employee dismissals, employee recalls, and other employment ...