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Simple English definitions for legal terms

SIR

Read a random definition: consolidated laws

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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Dkk
14:42
suck at predicting
14:43
boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
BulbasaurNoLikeCardio
14:50
Feeling like sad drinking tonight, wife accidentally tossed out my truck keys and those are expensive as fuck to replace. The crappiest part is that the key chain had the "remove before flight" tab from my first aircraft's rocket pods overseas from 6 years ago. Then find out people fucked around and back dated reports at work making me look like a shit bag so I am working later tonight and missing range time which is my weekly relax/me time. Add in my sleep meds stopped working, so I am thinking vodka (so I stay skinny and hot) and pizza by the fireplace kind of friday.
1a2b3c4d26z
14:51
Renard if you're not drinking margs Im gonna throw hands
14:51
Was at a restaurant and they decided to have me try something called "Double Kick" free of charge, it's like a sugar cane liquor with pineapple flavor
1a2b3c4d26z
14:51
missing range time :(
1a2b3c4d26z
14:52
That sounds good renard but unfortunately I'll still have to throw hands
Tonight I’m Having a date with this guy who asked me out couple times
BulbasaurNoLikeCardio
14:54
What made you give in and go out after he asked a couple times?
Other failed dates
babycat
14:55
That’ll do it
Question, how many of u would sleep on first date
babycat
14:57
honestly my answer is it depends
babycat
14:57
there has to be a very specific vibe to make me want to do that. not like a regular date
babycat
14:59
and sometimes you want to and you still don’t do ir
babycat
14:59
it
babycat
15:00
but I don’t use dating apps so all my first dates are with people I’ve already met in some context, which it sounds like is your situation too
Dkk
15:00
I could never imagine myself doing that on a first date.
Dkk
15:01
@BulbasaurNoLikeCardio: hope things get better
babycat
15:01
@Dkk: what if it’s someone you’ve known for a long time but never dated?
Dkk
15:03
Maybe but things would have to go like perfectly. I could not imagine them going perfectly.
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