The principle of contribution applies where a risk is insured twice or more, for example on a travel and household policy, and the two insurers concerned may share the cost of any claim. This means that an individual cannot claim twice on two policies for the same loss which would contravene a key principle of insurance which is that the insured cannot be better off following a loss and claim.
legal doctrine that enables parties sued under joint and several liability to obtain compensation from other parties who may have been legally liable, but who were not proceeded against in the original court action.
The term relates to circumstances where more than one party covers the risk. Each party is deemed to be liable for his proportion of the loss. If the Assured recovers in full from one insurer, that insurer is entitled to recover from the other insurer for that part of the loss which should have been paid by the latter. The term is used in marine insurance, also, in relation to contributions paid by the Assured in connection with salvage and/or general average.
Where someone is holding two or more insurance policies covering the same interest in the same property for the same peril, and if the policies are contracts of indemnity, then the law does not allow the insured to recover a loss under both policies and so make a profit out of the misfortune he has insured against. Instead, the insurers concerned share in the loss proportionately. This is known as contribution.
This relates to situations where more than one party covers the risk. Each party is deemed to be liable for its portion of the loss. If the insured has recovered in full from one insurer, that insurer is entitled to recover from the other insurer that part of the loss which should have been paid by the latter. The term, as used in marine insurance, also applies to contributions paid by the insured in connection with salvage and/or General Average.
The principle of contribution applies where a risk is insured on more than one insurance policy (for example on a travel and household policy), and the two insurers concerned may share the cost of any claim.
Where two or more polices exist covering the same interest, there is double insurance. Each Insurer will contribute rateably towards the loss in proportion to the amount for which he is liable under his policy.
This clause is similar to the average clause but applies in circumstances where there is more that one policy covering the same loss. Under these circumstances each policy (Insurer) will pay a rateable proportion of the loss in the ratio that their policy's Sum Insured bears to the loss.
A contribution is the giving of money or anything of value - subject to certain specific statutory exceptions - to a federal candidate or political committee for its use in influencing a federal election.
Any gift, subscription, donation, dues, loans, advance, deposit of money, anything of value, purchase of fund-raising tickets, or transfer of funds knowingly received to support or oppose a candidate or proposition.
A payment, service, or anything of value given to influence an election. According to FEC regulations: a contribution to a federal PAC must be voluntary; the PAC may not accept prohibited funds; and only a limited class of individuals may be solicited; for a non federal PAC, similar rules will apply, varying from State to State.
A gift of cash or securities made to a donor-advised fund account. A contribution is irrevocable and immediately tax-deductible. For example, in order to open an account through the Harris Charitable Giving Fund Program, the donor must make an initial contribution of at least $10,000. Subsequent contributions must exceed $5,000.
Money, or anything else of value (such as mailing lists, telephones, billboard space) given to a candidate's campaign committee, political party, or political action committee (PAC) by an individual or organization.
Money, goods or services given to a candidate for their campaign are contributions. Contributions include: The ticket price for a fund-raising event. The difference of the amount paid and the market value of a good or service sold at a fund-raising event. The difference between the amount paid and the market value of a good or service purchased for the campaign. Any unpaid but guaranteed balance of a campaign loan.
A contribution of cash or securities made by donors to their donor-advised fund account. A contribution is irrevocable and immediately tax deductible. To open a Franklin Templeton Charitable Giving Fund account, the donor must make an initial contribution of at least $5,000. Subsequent contributions must be for at least $1,000.
The contribution of our time, talent, and treasure also tangibly demonstrate our oneness in Christ. The pastor is not called to do the work of the ministry. Rather, the pastor is called to "prepare God's people for works of service, so that the body of Christ may be built up" (Eph. 4:12). God has given the individual members of the church spiritual gifts to be used "for the common good" (1 Cor. 12:7). Christ has called individuals from every tongue and tribe and nation to oneness as the family of God. Remember, no man is an island! God has called each member to the body for a purpose. Many logs burning together burn brightly, but when a log falls to the side, its embers quickly die. D = Disciples In the Great Commission, Christ called us not only to make converts but to make disciples (Matt. 28:19). A disciple is a learner or follower of the Lord Jesus Christ. We are called to the task of making disciples through the testimony of our love, the testimony of our lips, and the testimony of our lives.
A contribution is an amount paid into a superannuation fund or RSA for a specific member. Contributions are normally paid by the member or on behalf of the member by his/her employee. See Regulation 1.03 of the Superannuation Industry (Supervision) Regulations 1994: ‘contributions'
A payment made to a superannuation fund. Contributions may be made by your employer or by you to increase your superannuation. Under certain conditions your spouse may also make contributions to your superannuation.
In the case of the plans and programs under the consolidated Florida Retirement System, the term means regular payment by employers, on behalf of members, of the percentage of reported compensation required by law to fund the members’ retirement benefits. Under the FRS Pension Plan, the term may also refer to any employee contributions the member may have made before the FRS Pension Plan became employee noncontributory for its several membership classes. Note that the term may also refer to contributions either required of or voluntarily made by state-administered plan members or program participants. Finally, the term may also refer to payments made by FRS Pension Plan members or their employers to purchase service credit or pay for upgraded service credit.
Payment made by the employer, participants or both into a retirement account. While the funds' sources may vary based on the type of plan adopted, the employer sends the total payment by either check or wire to the Trust. (See also "contribution detail.")
Designated amount from pay set aside for 401(k) deferral. For example: a pre-tax 401(k) contribution is an amount deferred from pay each pay period before taxes and invested in the participant's 401(k) account.
Money placed in an individual retirement account (IRA), an employer-sponsored retirement plan, or other retirement plan for a particular tax year. Contributions may be deductible or nondeductible, depending on the type of account.
Funds that are placed into Account Holder's (employee's) Health Savings Accounts. The funds can be either from the Employer or made by the Employee through the Employer or made directly by the Employee. Frequency is based on Employer Group selection - weekly, bi-weekly, monthly or as requested.
A principle of valuation that states that the value of any portion of a property is determined by how it affects the performance of the total property. Therefore, a property is considered a combination of features, each of which adds something to the total value based on its contribution to the property's usefulness.
Refers to the flow of revenues from services with rates above cost to those with rates below cost, mainly basic local residential services; specifically, the revenues that flow from toll services to subsidize residential services.
The difference between the selling price of a product and the cost to make that product. The amount of money that remains to pay fixed costs. After you break even, contribution is the amount of money from each sale of your product or service that now is counted as profit.
The difference between the revenue from a class of mail and the costs attributable to that class of mail. For example, if a class of mail has revenues of $1.5 billion and attributable costs of $1 billion, its contribution is $500 million, which means that this class of mail covers its costs and contributes $500 million to the common costs of all mail services.
The difference between total sales revenue and total variable costs, or, on a per-unit basis, the difference between unit selling and the unit variable cost and may be expressed in percentage terms (contribution margin) or dollar terms (contribution per unit).
The difference between the revenue from a class of mail and that class's volume-variable costs. For example, if a class of mail has revenue of $1.5 billion and volume-variable costs of $1 billion, its contribution is $500 million, which means that this class of mail covers its costs and contributes $500 million to the common costs of all mail services.
The amount by which a businessâ€™s revenue exceeds its variable costs. This amount is a contribution to the businessâ€™s fixed costs. Only if the contribution exceeds the fixed costs will the business make a profit. The contribution after variable costs is sometimes referred to as the gross contribution, with the term net contribution being used to refer to the contribution after both variable and fixed costs; that is, the profit.
principle of. The principle that any improvement to a property, whether to vacant land or a building, is worth only what it adds to the property's market value, regardless of the improvement's actual cost.
Principle of value which states that total value may not equal the total cost of the individual parts. For example, adding a third bathroom to a small house will probably increase value less than the cost of the improvement.
A conditional transfer of funds in which there is or may be a need to ensure that the amount provided has been used in accordance with legislative or program requirements. More exactly, a contribution reimburses a recipient for specific expenses meeting conditions defined in the contribution agreement. The conditions concern important aspects such as the identification of the recipient(s), an explanation of how the proposed contribution will help achieve the Program objective, the maximum amount to be paid, the payment basis and schedule, identification of the person empowered to approve, sign and process payment, auditing procedures and criteria for assessing whether the contribution program is effective in achieving its objective.
An amount contributed to an IRA for a particular tax year. Contributions (other than rollover contributions) must be made in cash or check and are subject to annual contribution limits, depending on, among other things, the year and type of account.
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Contribution is the value added to an expected opportunity to deliver products and services. For comparative purposes, contribution is measured by the net present value of the expected value of the value delivery.