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Description A Dictionary of Business and Management (Oxford Quick Reference) by Jonathan Law Language: English | Format: EPUB | ISBN-10: 0199684987 | ISBN-13: 978-0199684984 Page count: 624 | Date Published: April 18, 2016 | Publisher: Oxford University Press  Business & Finance, Management CONTENTS A - Z Excerpt: A1 A description of property or a person that is in the best condition. In marine insurance, before a vessel can be insured, it has to be inspected to check its condition. If it is ‘maintained in good and efficient condition’ it will be shown in *Lloyd’s Register as ‘A’ and if the anchor moorings are in the same condition the number ‘1’ is added. This description is also used in life assurance, in which premiums are largely based on the person’s health. After a medical examination a person in perfect health is described as ‘an A1 life’. AA Abbreviation for *Advertising Association. AAP Abbreviation for *affirmative action programme. abandonment The act of giving up the ownership of something covered by an insurance policy and treating it as if it has been completely lost or destroyed. If the insurers agree to abandonment, they will pay a total-loss claim (see actual total loss; constructive total loss). This often occurs in marine insurance if a vessel has run aground in hazardous waters and the cost of recovering it would be higher than its total value and the value of its cargo. It also occurs during wartime when a vessel is captured by the enemy. If the owner wishes to declare a vessel and its cargo a total loss, notice of abandonment is given to the insurer; if, subsequently, the vessel or its cargo are recovered, they become the property of the insurer. ABB Abbreviation for *activity-based budgeting. Sharing Widget |