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Simple English definitions for legal terms

SIR

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A quick definition of SIR:

Term: SIR

Definition: SIR stands for Self-Insured Retention. This means that instead of buying insurance, a company or individual sets aside money to pay for any potential losses or damages. It's like having a savings account for emergencies. SIR can also stand for Statutory Invention Registration, which is a way for inventors to protect their ideas before they are granted a patent.

A more thorough explanation:

Definition: SIR is an abbreviation that can stand for two different things:

  1. Self-Insured Retention: This refers to a type of insurance policy where the insured party agrees to pay a certain amount of money out of pocket before the insurance company starts covering the costs. For example, if a business has a self-insured retention of $10,000 and experiences a loss of $15,000, they would pay the first $10,000 and the insurance company would cover the remaining $5,000.
  2. Statutory Invention Registration: This is a type of patent application that allows inventors to publicly disclose their invention without actually applying for a patent. This can be useful for inventors who want to protect their idea but don't have the resources to pursue a full patent application.

Examples:

  • A construction company has a self-insured retention of $25,000 for their liability insurance policy. If a worker is injured on the job and the total cost of the claim is $40,000, the company would pay the first $25,000 and the insurance company would cover the remaining $15,000.
  • An inventor has come up with a new type of solar panel that they want to protect. Instead of filing a full patent application, they decide to use a statutory invention registration to publicly disclose their invention and establish their ownership of the idea.

These examples illustrate the two different meanings of SIR. In the first example, SIR refers to a type of insurance policy that requires the insured party to pay a certain amount before the insurance company starts covering costs. In the second example, SIR refers to a type of patent application that allows inventors to protect their ideas without going through the full patent process.

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no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
ambitiouslizard
11:24
he lost his re-election, why would he win this one?
1a2b3c4d26z
11:25
I have no idea why people have so much beef w berkeley's app
I've been reading a bit about "herding," which is this idea that pollsters are making the race look tied so they look right no matter who wins.
1a2b3c4d26z
11:26
Like... it's a more involved app but you don't have to do it? They're clearly trying to have some self-selection go on
I 100% agree with the self selection, I also am not even close to touching the medians there. However I think the huge PS plus the video and especially the very specific criteria for the why Berkeley essay is pretty crazy
I'm curious, how bold can one be in those videos? Is it worth making a satirical Jason Statham-action short if the adcoms have no sense of humor?
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