average clause

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• average clause — ➔ clause * * * average clause UK US noun [C] INSURANCE ► a part of an insurance policy that states that if the insurance value of a property at the time of loss or damage is less than its real value, payment by the insurance company will be… …   Financial and business terms

• average clause — A clause in a blanket fire insurance policy providing that in case of loss the policy shall attach on each building in such proportion as the value of each building bears to the aggregate value of the entire property insured. Such provision is in …   Ballentine's law dictionary

• average clause — noun 1. : a clause in an insurance policy that restricts the amount payable to a sum not to exceed the value of the property destroyed and that bears the same proportion to the loss as the face of the policy does to the value of the property… …   Useful english dictionary

• average clause — See average …   Big dictionary of business and management

• clause — [klɔːz ǁ klɒːz] noun [countable] LAW COMMERCE a part of a written law, contract, or legal document that deals with a particular item or subject: • Clause 12 enables the Secretary of State to make orders to protect pension rights. asˈsignment… …   Financial and business terms

• average — A mean proportion, medial sum or quantity, made out of unequal sums or quantities. Brisendine v. Skousen Bros., 48 Ariz. 416, 62 P.2d 326, 329. In ordinary usage the term signifies the mean between two or more quantities, measures, or numbers. If …   Black's law dictionary

• average — A mean proportion, medial sum or quantity, made out of unequal sums or quantities. Brisendine v. Skousen Bros., 48 Ariz. 416, 62 P.2d 326, 329. In ordinary usage the term signifies the mean between two or more quantities, measures, or numbers. If …   Black's law dictionary

• average — 1) A single number used to represent a set of numbers; mean. See arithmetic mean; geometric mean; median; weighted average 2) A partial loss in marine insurance (from French: avarie, damage). In general average (GA), a loss resulting from a… …   Big dictionary of business and management

• Average — Av er*age, n. [OF. average, LL. averagium, prob. fr. OF. aver, F. avoir, property, horses, cattle, etc.; prop. infin., to have, from L. habere to have. Cf. F. av[ e]rage small cattle, and avarie (perh. of different origin) damage to ship or cargo …   The Collaborative International Dictionary of English

• reduced rate contribution clause — noun : average clause 1 …   Useful english dictionary

• General average/New version — Average in maritime commerce to signify damages orexpenses resulting from the accidents of navigation. Average is either general or particular. General average arises when sacrifices have been made, or expenditures incurred, for the preservation… …   Wikipedia