General Average

Definition of "General average"

Expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses and damages are paid by those with an interest in the ship and its cargo in proportion to their values exposed to the common danger. Contrast with particular average.

Search Real Estate Glossary

Related Real Estate Glossary terms

Interest Free Loans

Means of borrowing at no charge by a policyowner under universal life insurance policies. ...

Physicians And Surgeons Equipment Insurance

Coverage for equipment normally carried from location to location by a physician or surgeon; written ...

Start Rate

Also called a teaser. The starting interest rate of an adjustable rate loan. It generally lasts betw ...

Annual Convention Blank

Same as term Annual Statement: report that an insurance company must file annually with the State In ...

Coinsurance Percentage

In many property insurance policies, a requirement that the insured carry insurance as a percentage ...

Co-Signing

Assuming responsibility for someone else's payment obligation in the event that that party defaults. ...

Related Real Estate FAQ

What Is A APR Loan?

This APR Calculator can be used to estimate the Annual Percentage Rate for a loan based on input par ...

Should I Pay Points For A Lower Rate?

Paying points for a lower interest rate is a trade off between paying money now versus paying money ...

What Is Title Insurance?

Title insurance is insurance that protects the lender and buyer against any losses incurred from dis ...

What Are Discount Points?

Discount points are a type of point paid by the borrower to reduce the interest rate. ...

What Is A Closing?

The process of finalizing all the dealing associated with the sale and purchase of a home. (Also kno ...

What Is A Counteroffer?

A counteroffer is an offer made by one party that makes changes to the original or latest offer of t ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Mortgage Loan Types What do Real Estate Attorneys do? Tax Breaks for the First Time Home Buyer How is Square Footage Determined? What is Hazard Insurance?

FAQ

What is a lien? What is cooperative? What is escrow? What if the computer I want to insure is homemade or custom-built? What do I need to know about RV Insurance?