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LSDefine

Simple English definitions for legal terms

deduction for new

Read a random definition: popular justice

A quick definition of deduction for new:

Definition: Deduction for new, also known as new-for-old, is a principle used in marine insurance to adjust a partial loss. It means that the value of old materials is deducted from the total repair expenses, and then one-third of the cost of repairs is charged against the insured shipowner. This principle also applies to damages, where a party is entitled to recover only the amount necessary to restore the property to its original condition, instead of acquiring a new item to replace an old and depreciated one.

A more thorough explanation:

Deduction for new refers to the principle that old materials apply towards payment of the new in marine insurance. In case of a partial marine-insurance loss, the value of old materials is deducted from the total repair expenses. From the remaining balance, one-third of the cost of repairs is deducted and charged against the insured shipowner. This principle is also known as new-for-old.

  • Suppose a ship's hull is damaged in a storm, and the cost of repairs is $10,000. However, the ship's owner had used old materials in the hull's construction, which have a value of $2,000. Therefore, the insurer will deduct $2,000 from the repair expenses, leaving a balance of $8,000. From this balance, one-third of the cost of repairs, i.e., $2,666.67, will be deducted and charged against the insured shipowner.
  • In another example, suppose a car is damaged in an accident, and the cost of repairs is $5,000. However, the car was old and depreciated, and its actual cash value was only $3,000. Therefore, the car owner can only recover $3,000, which is the amount necessary to restore the car to its pre-accident condition.

The above examples illustrate how the principle of deduction for new applies in different scenarios. In marine insurance, the insurer deducts the value of old materials from the repair expenses, and then charges the insured for one-third of the remaining cost of repairs. In the case of a damaged car, the owner can only recover the amount necessary to restore the car to its pre-accident condition, instead of acquiring a new car.

de dote unde nil habet | deduction in respect of a decedent

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GodsPlanUltimately
22:47
Rationally that's what I thought but irrationally I was like crying throwing up did I mess it up lol
babycat
22:49
Lol you’re all good
GodsPlanUltimately
22:49
I'm assuming then for status checking eventually that the school emails you that information once LSAC finishes processing?
babycat
22:50
Yep
GodsPlanUltimately
22:50
Thank you ╱|、 (˚ˎ 。7 |、˜〵 じしˍ,)ノ
GodsPlanUltimately
22:50
Just stressing because this is my first and only app.
GodsPlanUltimately
22:53
Does the CAS Report send once the school requests it or do I have to send it ?
babycat
23:02
It sends automatically
babycat
23:02
Why only one app?
GodsPlanUltimately
23:06
I'm in a dual degree program that my undergraduate has where if you meet a gpa and percentile you can have your senior year be your L1 ! Cuts off a year of time and money and the partner was my top pick for law anyways. It all just worked out and since it's ED can't really apply anywhere else because the L1 transfers back to complete my degree. :)
babycat
23:14
oh that’s nice! I guess you have a high degree of certainty about the process then
Dkk
0:10
Welcome. About to eat another ghost pepper. @babycat
Dkk
0:27
God my mouth is burning so much
@babycat: A few things. I mean, for one, this is my fifth year of undergrad (graduating with a dual BA/MA), so I don't think academically I'm incredibly behind or anything. Beyond, that I've explored other fields, and for the very niche area of public interest work I am interested in, law is the only way I can make a substantiative difference so why not start now.
And also my other options just are not great. I could take a shit paying job at a think tank, I was offered a job at, but I don’t find the work interesting. Or I could continue in academia, getting a phd, but again just not especially interested in academic philosophy.
I would say more, but I am very close to doxxing myself if I haven’t already.
Dkk
1:02
5th year at 19. That is amazing.
Dkk
1:02
So you started when you were 14. Wow.
Dkk
1:11
I tried to find you but if still in school, other names pop up first. Do you drink alcohol? If not, you should start drinking to catch up to me. @texas
I started at 15
turning 20 this year
or well very beginning of next year
Dkk
1:15
My best advice is to start learning wine and cocktails asap. Take the introductory and certified sommelier exam as soon as you hit 21.
Dkk
1:16
I could not find you with that information. You are still probably pretty safe. Though I did not use all my search engines or filters.
@Dkk: That is good. Granted I don't think being doxxed would be the end of the world, but who knows.
And, yeah, I have drinken a little bit over the last couple of years (what college student hasn't), but not a massive fan
Dkk
1:24
That is cus college people drink like idiots. I was not a fan at my first college and I did not start drinking until I was 22.5. The art of Sommelier stuff though is less about drinking and more about thought process. Kind of a puzzle like a logic game. Same with cocktails. You will love it if you hate college type drinking.
Dkk
1:25
It's something to do outside of the things you mentioned, it is useful for networking, and it will help you in law school. It will help you find exactly what you want to do in law school.
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