Definition of Apportionment:
Legal: Distribution of assets and / or liabilities in accordance with the rights and interests of interested parties.
Economy: Distribution and distribution according to a plan or formula.
Accounting: The distribution of products and expenses in a certain proportion is different from the distribution between two or more accounts, departments or units.
This grouping applies to many contexts. In insurance, distribution is the distribution of claims between insurance companies that insure a property. This distribution is used to determine the percentage of liability for each insurer. For example, three insurers, each covering an asset of 60 60,000 to 120 120,000, will receive 50% of the compensation if the assets are destroyed. Benefits can also be applied to real estate, employee benefits or a portion of financial benefits.
The contract often applies to different or fake insurance situations, where two or more insurance policies are drawn up with the same insured, interest, subject and risk. The assignment is usually in the assignment clause or other insurance clause, which is usually part of the relevant insurance policy.
How to use Apportionment in a sentence?
- This may be related to the distribution of property or economic benefits.
- When two or more insurance policies are taken out with insurance, supplements are applied more frequently.
- When dividing your previous income, you must have a good accountant to correct it.
- The package has been distributed between the parties as per the distribution agreement and it has been ordered under a recent court decision.
- If you need to distribute a portion of your earnings through rations, you will make sure that everyone gets their fair share easily.
- The division describes the distribution of losses among all the insurance companies that insure the property.
Meaning of Apportionment & Apportionment Definition