Category: V

use by an adjuster to determine loss occurrence and putting a monetary value to a claim.

Method of pricing based on a goods perceived worth.

Maximum price to pay for knowing an uncertainty’s value before a course of action is decided.

Electromechanical or mechanical device that controls the flow of liquid, gas, slurry, dry loose material. 3 maintypes.1. Isolation, 2. Switching, 3, Control.

A safe and secure area in financial institutions for storing money and valuables.

Scheme of numbering differentiating between them.

Oil tanker that carries up to 250,000 DWT.

Disadvantageous situation that is self propagating and leads from one thing to another and back again. See virtuoso circle.

1. A parasitic and infectious microorganism smaller than a bacterium. Incapable of independent metabolic activity. Needs to invade a living organism to derive energy to survive. 2. See computer virus.

Provision, clause or term impairing a contract or making it void or voidable.

Metric unit of electrical potential. Equal to the steady flow of one amp current against one ohm of resistance

Marine policy of insurance covering one trip and only the cargo on the trip.

1. Accounting. Alternate term for Gross income. 2. Economics. Difference of sales revenue and costs to produce. See economic value. 3. Marketing. Creating an advantage over the competition by adding more products

Charges for a service not based on time taken but on the price of the service.

Marginal output of an input times the unit price of output.

Mindless and malicious harm and injury to another’s property.

Abnormal behavior of a market where higher priced goods are bought even though lower priced substitutes are available.

Side of book on the left-hand side with an even page number. Opposite is recto.

1. Confer right of legal ownership. 2. Confer legal authority, rights, power. 3. Designation of endowment of power, authority, rights.

Sealed auction bid where successful bidder pays second top price. Also known as second bid auction, second price auction.