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Simple English definitions for legal terms
accumulation
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A quick definition of accumulation:
Accumulation: Accumulation refers to the process of adding more and more of something over time. This can refer to adding money to a savings account or investment fund, or adding evidence to support a claim. It can also refer to keeping dividends or profits for future use. In insurance, accumulation can mean an increase in the amount of coverage without an increase in premiums.
A more thorough explanation:
Definition: Accumulation refers to the process of increasing something by repeatedly adding to it. This can include the increase of a fund by adding the income it generates, or the retention of dividends for future distribution. It can also refer to the concurrence of several titles or circumstances to the same proof.
Examples:
- A person may accumulate wealth by saving a portion of their income each month.
- A company may accumulate profits by reinvesting a portion of their earnings back into the business.
- In legal terms, accumulation can refer to the concurrence of several titles to the same property, such as when multiple people have ownership rights to a piece of land.
- In insurance, accumulation can refer to an increase in the principal sum insured for, effective upon renewal of a policy, without a change of premiums.
The examples illustrate how accumulation involves the process of adding to something over time, resulting in an increase in value or quantity. Whether it's accumulating wealth, profits, or ownership rights, the concept of accumulation involves building upon what already exists to create something greater.