Home > Corporate > Finance and Informatics > Chapter 11 - Non-Public Funds Consolidated Insurance Program (Revised 23 Jan. 03)
ANNEX P - CHAPTER 11
GLOSSARY
| TERM |
DEFINITION |
| Book Value |
Value reflected on the books of account on the day of the loss. |
| Consequential Loss |
Any loss that occurs as a direct result of some other action. For example, food in a freezer spoils in consequence of a fire that causes motor failure. |
| Cost Price |
The landed out of pocket costs of an item, ie. the purchase price plus non-reimbursed freight and insurance. |
| Depreciated Value |
The value today of an item by ascertaining its current replacement value and depreciating this value by the depreciation schedule shown on page 2 to Annex B "Proof of Loss Report". |
| Fidelity |
Loyalty or faithfulness on the part of an employee to his employer. |
| Inherent Hazard |
A foreseeable danger that is part of an activity. e.g. an injury to a hockey player by a flying puck or a baseball player being struck by a baseball. |
| Inherent Vice |
A deficiency in the product, for example a spring in a chair breaks and damages the upholstery. |
| Normal Trade Loss |
Shoplifting, stock shrinkage, spoilage, and mis-management by an employee to name a few of the losses. |
| NPF Operation |
Any NPF sponsored activity such as dances, banquets, PMQ Council activities, etc. |
| Policy Deductible |
The amount of each claim over and above the unit deductible that CFCF must absorb before the NPF CIP insurers become involved (see paragraphs 15 and 16 of this chapter). |
| Replacement Value |
The value today to purchase or build a new item of similar nature and quality to replace that lost. |
| Salvage |
Payments received or due as a result of selling damaged goods (for whatever price the buyer will pay). |
| Self-insured |
Insured without assistance from any outside commercial insurance agency. |
| Uninsured |
Not covered by any form of commercial insurance nor self-insured. |
| Unit Deductible |
The amount of each claim the unit must absorb, before reimbursement by CFCF commences, is as indicated in para 15 of this chapter. |
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