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A form of what is now called general average was included in the Lex Rhodia, the Rhodes Maritime Code of c. 800 BC. [4] Julius Paulus quoted from the law around the turn of the 3rd century, and these quotes are preserved, and an excerpt is included in Justinian's 6th-century Digest of Justinian (part of the Corpus Juris Civilis), although the Lex Rhodia is itself now lost.
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.
Average – is the situation in which the insured has under-insured, i.e., insured an item for less than it is worth. Average will apply to reduce the claim amount payable. An average adjuster is a marine claims specialist responsible for adjusting and providing the general average statement. An Average Adjuster in North America is a 'member of ...
A majority-preservation clause guarantees any party winning a majority of the vote will receive at least half the seats in a legislature. [20] Without such a clause, it is possible for a party with slightly more than half the vote to receive just barely less than half the seats (if using a method other than D'Hondt). [20]
A clause may specify the length of time, usually described as lay days, for loading and discharging, and for the demurrage to pay if the vessel is detained beyond the lay days. There is usually also a clause that requires that the merchant bear the risk and expense to bring the cargo to the ship and collect it on delivery.
The gambler's fallacy is a particular misapplication of the law of averages in which the gambler believes that a particular outcome is more likely because it has not happened recently, or (conversely) that because a particular outcome has recently occurred, it will be less likely in the immediate future.
The United States Constitution and its amendments comprise hundreds of clauses which outline the functioning of the United States Federal Government, the political relationship between the states and the national government, and affect how the United States federal court system interprets the law. When a particular clause becomes an important ...
The Carriage of Goods by Sea Act (COGSA) [1] is a United States statute governing the rights and responsibilities between shippers of cargo and ship-owners regarding ocean shipments to and from the United States.