marine insurance

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marine insurance:

see insuranceinsurance
or assurance,
device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums.
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References in periodicals archive ?
Hossain submits that if actual total loss is accepted, which this Court has the liberty to find, in spite of non-filing of a cross-appeal by the plaintiff, then the Admiralty Court's decree will stand, taking US $ 22,25,000 to be the market value of the vessel.
(2) In the case of an actual total loss no notice of abandonment need be given.
(5) In addition, the Marine Insurance Act of 1906 (6) states that an actual total loss occurs when the "subject-matter insured is destroyed, or so damaged as to cease to be a thing of the kind insured, or where the assured is irretrievably deprived thereof." (7) In similar language, and somewhat similar to the definition fostered in M.J.