(a) The following are definitions of terms which are prominent in this Standard. Other terms defined elsewhere in this part 99 shall have the meanings ascribed to them in those definitions unless paragraph (b) of this subsection, requires otherwise.
(1) Actual cash value means the cost of replacing damaged property with other property of like kind and quality in the physical condition of the property immediately prior to the damage.
(2) Insurance administration expenses means the contractor's costs of administering an insurance program, e.g., the costs of operating an insurance or risk-management department, processing claims, actuarial fees, and service fee paid to insurance companies, trustees, or technical consultants.
(3) Projected average loss means the estimated long-term average loss per period for periods of comparable exposure to risk of loss.
(4) Self-insurance means the assumption or retention of the risk or loss by the contractor, whether voluntarily or involuntarily. Self-insurance includes the deductible portion of purchased insurance.
(5) Self-insurance charge means a cost which represents the projected average loss under a self-insurance plan.
(b) The following modifications of terms defined elsewhere in this chapter 99 are applicable to this Standard: None.
Title 48 published on 2012-10-01
no entries appear in the Federal Register after this date.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.