average


average
1) A single number used to represent a set of numbers; mean. See arithmetic mean; geometric mean; median; weighted average
2) A partial loss in marine insurance (from French: avarie, damage). In general average (GA), a loss resulting from a deliberate act of the master of the ship (such as throwing overboard all or part of the cargo to save the ship) is shared by all the parties involved, i. e. by the shipowners and all the cargo owners. See average adjuster; average bond In a particular average (PA), an accidental loss is borne by the owners of the particular thing lost or damaged, e. g. the ship, an individual cargo, etc. Cargo can be insured either free of particular average (FPA) or with average (WA). An FPA policy covers the cargo against loss by perils of the sea, fire, or collision and includes cover for any contribution payable in the event of a general average. A WA policy gives better cover as it also includes damage by heavy seas and sea-water damage. In addition, marine cargo can be covered by an all-risks policy See also free of all averages; Institute cargo clauses
3) A method of sharing losses in property insurance to combat underinsurance. This is usually applied in an average clause in a fire insurance policy, in which it is stated that the sum payable in the event of a claim shall not be more than the proportion that the insured value of an item bears to its actual value.

Big dictionary of business and management. 2014.

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  • average — n Average, mean, median, norm, par denote something and usually a number, a quantity, or a condition that represents a middle point between extremes. Of these words average, mean, median, and par are also used as adjectives. Average is an… …   New Dictionary of Synonyms

  • average — [av′ər ij, av′rij] n. [altered (by assoc. with ME average, money rent paid in place of service by the tenant with his horses < aver, draft horse) < OFr avarie, damage to ship or goods, mooring charges < OIt avaria < Ar ʿ awār, damaged …   English World dictionary

  • average — I (midmost) adjective center, centermost, intermediate, mean, mean proportioned, medial, median, mediate, medium, mid, middle, middle class, middle grade, middlemost, middling associated concepts: average annual earnings or wages, average capital …   Law dictionary

  • Average — Av er*age, n. [OF. average, LL. averagium, prob. fr. OF. aver, F. avoir, property, horses, cattle, etc.; prop. infin., to have, from L. habere to have. Cf. F. av[ e]rage small cattle, and avarie (perh. of different origin) damage to ship or cargo …   The Collaborative International Dictionary of English

  • Average — Av er*age, a. 1. Pertaining to an average or mean; medial; containing a mean proportion; of a mean size, quality, ability, etc.; ordinary; usual; as, an average rate of profit; an average amount of rain; the average Englishman; beings of the… …   The Collaborative International Dictionary of English

  • Average — Av er*age, v. i. To form, or exist in, a mean or medial sum or quantity; to amount to, or to be, on an average; as, the losses of the owners will average twenty five dollars each; these spars average ten feet in length. [1913 Webster] …   The Collaborative International Dictionary of English

  • average — [adj1] normal, typical boilerplate*, common, commonplace, customary, dime a dozen*, everyday, fair, fair to middling*, familiar, garden*, garden variety*, general, humdrum*, intermediate, mainstream, mediocre, medium, middle of the road*,… …   New thesaurus

  • average — ► NOUN 1) the result obtained by adding several amounts together and then dividing the total by the number of amounts. 2) a usual amount or level. ► ADJECTIVE 1) constituting an average. 2) usual or ordinary. 3) mediocre. ► …   English terms dictionary

  • Average — Av er*age, v. t. [imp. & p. p. {Averaged} (?); p. pr. & vb. n. {Averaging}.] 1. To find the mean of, when sums or quantities are unequal; to reduce to a mean. [1913 Webster] 2. To divide among a number, according to a given proportion; as, to… …   The Collaborative International Dictionary of English

  • avérage — 1. (a vé ra j ) s. m. Terme de commerce. La moyenne avérée, vraie, reconnue telle, et en général la moyenne. Sur trois ans l avérage a été de.... ÉTYMOLOGIE    Avérer. avérage 2. (entrée créée par le supplément) (a vé ra j ) s. m. Nom, dans le… …   Dictionnaire de la Langue Française d'Émile Littré

  • average — (del inglés; pronunciamos averás ) sustantivo masculino 1. Área: deporte Promedio, término medio: Gana el Barcelona por gol average …   Diccionario Salamanca de la Lengua Española


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